ED seizes ₹9.29-crore properties in Dnyanradha credit society scam

The assets include residential flats, commercial office spaces and plots held in the names of accused businessman Suresh Kute, his wife and co-accused Archana Kute, and their associate entities

MUMBAI: The Enforcement Directorate (ED) has taken over six properties worth ₹9.29 crore linked to the Dnyanradha Multistate Co-operative Credit Society scam, officials said on Tuesday. The action, carried out over the weekend in Mumbai, Navi Mumbai and Pune, is aimed at securing assets identified as proceeds of crime under the Prevention of Money Laundering Act (PMLA).

ED seizes ₹9.29-crore properties in Dnyanradha credit society scam

The assets include residential flats, commercial office spaces and plots held in the names of accused businessman Suresh Kute, his wife and co-accused Archana Kute, and their associate entities.

The assets were earlier attached provisionally by the ED on September 24, 2024, under provisions of the PMLA and was subsequently confirmed by the PMLA’s Adjudicating Authority, after which the ED took them over.

“The step of taking possession is in line with the provisions of the PMLA and is part of the ongoing proceedings aimed at securing assets identified as proceeds of crime,” an ED official said.

The probe pertains to alleged large-scale diversion of funds from DMCSL, which operates across Maharashtra. According to the ED, ₹2,467 crore was allegedly routed as purported loans to a group of companies (Kute Group) beneficially owned and controlled by Kute and Archana.

The case is based on about 38 FIRs filed across Maharashtra in 2024.As per the FIRs, the society launched several high-yield deposit schemes, claiming to offer returns of 12–14%, which attracted a large number of investors.

However, no payment or only partial payments were made to the investors, resulting in the investors being cheated and suffering substantial financial losses, the officials said.

“ED’s investigation revealed that a substantial portion of the society’s funds, to the tune of Rs. 2,467 crore, were diverted as purported ‘loans’ to the Kute Group, beneficially owned and controlled by Suresh Kute and Archana Kute,” the official said.

Investigators have alleged that these loans were sanctioned without proper documentation, collateral or end-use verification, and were subsequently siphoned off for personal use or unrelated business activities.

A city special court in March 2025 had taken cognisance of ED’s chargesheet in the case against 24 accused, including Kute and 23 corporate entities.

So far, the ED has attached or frozen assets worth ₹1,627.86 crore. Archana Kute, arrested in March, remains in judicial custody.