The Enforcement Directorate (ED) has attached assets worth over Rs 365 crore linked to Adarsh Group of companies and Riddhi Group of companies in connection with a money laundering case.

The attached properties include immovable and movable assets in the form of agricultural, residential and commercial land parcels in Rajasthan, Haryana and New Delhi along with fixed deposits and bank balance.

The ED initiated its investigation on the basis of an FIR registered by the special operations group of Rajasthan Police. The FIR was filed against directors of Adarsh Group Mukesh Modi and Rahul Modi as well as officials of Adarsh Credit Cooperative Society Ltd and other private individuals.

The ED claimed that Mukesh Modi conspired with his relatives Virendra Modi, Rahul Modi, Rohit Modi and other associates including society officials to siphon off depositors’ funds from ACCSL through fraud transactions.

Mukesh Modi, his relatives and associates allegedly incorporated several companies and firms to divert funds from ACCSL to their real estate business by way of availing fraudulent loans.

“He also infused huge proceeds of crime in these companies as share capital from ACCSL. Further, a huge amount of money was diverted and siphoned off by means of exaggerated salaries, incentives and commissions to their own kin and companies. The actions of Mukesh Modi and others caused the society a huge loss and deprived two million investors of their life savings,” said ED officials.

Earlier, the ED had attached properties worth Rs 1,489.03 crore across six states in the case. A chargesheet was also filed by the ED in March 2021 against 124 accused persons.

The financial probe agency claimed that the accused have defrauded investors to the tune of Rs 3,830 crore. So far, assets worth Rs 1,854.97 crore have been attached by the ED.