ED Attaches ₹3.46 Crore Assets in Dnyanradha Credit Society Money Laundering Case
March 27, 2026
ETT News / New Delhi
The Directorate of Enforcement (ED) has provisionally attached immovable assets worth ₹3.46 crore in connection with its ongoing money laundering investigation into M/s Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) and others. The attached assets include office units in Kharghar, Navi Mumbai, the agency said on Thursday.
The ED took the action on March 26 under the Prevention of Money Laundering Act (PMLA), 2002, following multiple FIRs registered by police stations across Maharashtra over an alleged fraud involving investor deposits. According to the agency, Suresh Kute and others allegedly used the credit society to collect money from investors by offering high-yield deposit schemes promising returns of 12 to 14 per cent.
Investigators said the society attracted a large number of depositors with these assurances, but later failed to repay many of them in full, causing substantial financial losses.
The ED said its investigation found that a major portion of the society’s funds, amounting to around ₹2,467 crore, was diverted in the form of purported loans to companies belonging to the Kute Group, which it alleged were beneficially owned or controlled by Suresh Kute and Archana Kute.
According to the agency, these loans were disbursed without proper documentation, collateral security, or end-use certification. Instead of being used for legitimate business activities, the funds were allegedly siphoned off for personal benefit or invested in unrelated business ventures.
The agency said it has already carried out multiple search operations and issued several provisional attachment orders in the case. With the latest attachment, the total value of assets seized, frozen, or attached in the case has reached around ₹1,625.36 crore.
Earlier, the ED arrested Suresh Kute and filed a prosecution complaint before the Special PMLA Court in Mumbai, which has taken cognisance of the offence. The agency also arrested Archana Kute on March 2, 2026, and the court later sent her to judicial custody on March 7 after completion of ED custody.
The investigation is still underway.
ED Dnyanradha Case Dnyanradha Credit Society Scam DMCCSL Scam ED Mumbai Case Money Laundering Case Maharashtra ED Attaches 3 46 Crore
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