The Enforcement Directorate has provisionally attached assets worth ₹.1,489 crore in the case of embezzlement of public deposits in Adarsh Credit Cooperative Society Limited (ACCSL).
The properties belong to the Adarsh Group of Mukesh Modi, Virendra Modi and his family; Mahendra Tak and Saurabh Tak of Riddhi Siddhi Group and other accused persons, said the agency.
They are located in Rajasthan, Haryana, Delhi, Gujarat, Maharashtra and Uttar Pradesh.
The ED probe is based on an FIR registered last year by the Special Operation Group, Rajasthan Police.
It alleged cheating, criminal breach of trust, forgery of valuable security and criminal conspiracy by Mr. Mukesh Modi, Mr. Rahul Modi and other functionaries of the Adarsh Group, ACCSL officials and other private persons.
The investors in ACCSL alleged that they did not get their money back. The ED probe revealed that the accused persons siphoned off the funds from ACCSL.
They incorporated several companies, firms and limited liability partnerships for diverting the investments to their real- estate business on the pretext of loans, the ED said.
Funds were also invested in the companies as share capital from ACCSL. Inflated salaries, incentives and commissions were shown to have been given to the relatives and companies.
“The actions of Mr. Mukesh Modi and others caused ACCSL losses to the tune of about ₹4,000 crore, excluding the interest charged by ACCSL on purported borrowings,” said the agency.