MUMBAI: A special Prevention of Money Laundering Act (PMLA) court on Monday has denied anticipatory bail to Archana Kute, wife of alleged mastermind Suresh Kute, in the ₹2,467.89 crore Dnyanradha Multi-State Co-operative Credit Society fraud case, observing that her custodial interrogation was essential given the scale and complexity of the case.
The Enforcement Directorate (ED) registered an Enforcement Case Information Report (ECIR) on August 8, 2024, based on 38 FIRs lodged across Maharashtra against office-bearers of the credit society. The agency alleges large-scale diversion and laundering of funds linked to companies under the Kute Group.
Archana Kute, 45, who is already in Beed jail in connection with the predicate offence, moved the court after the ED sought her custody on February 12 in the money laundering case. She claimed she was not named in the ECIR, had no executive role in the credit society and was being targeted solely due to her relationship with the main accused.
Opposing the plea, the ED submitted that over 400,000 depositors had been affected and that outstanding loans of ₹3,558.22 crore were largely attributed to companies under the Kute Group, in which Archana allegedly held substantial ownership interests.
Special Judge R.B. Rote held that the matter involved complex financial transactions and an alleged deep-rooted conspiracy, adding that custodial interrogation was necessary for an effective probe. The court also noted allegations that she had been non-cooperative and had alienated an attached property with the alleged intention to frustrate the investigation, and rejected her plea.
{{/usCountry}}Special Judge R.B. Rote held that the matter involved complex financial transactions and an alleged deep-rooted conspiracy, adding that custodial interrogation was necessary for an effective probe. The court also noted allegations that she had been non-cooperative and had alienated an attached property with the alleged intention to frustrate the investigation, and rejected her plea.
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