PMLA court sends Archana Kute to judicial custody in Dnyanradha credit society fraud probe

Additional Sessions Judge R.B. Rote, while allowing the ED’s application, said the agency had shown sufficient grounds for continued custody. The ED’s probe is based on multiple FIRs registered in Maharashtra over alleged financial irregularities in the Dnyanradha Multistate Co-operative Credit Society Ltd, headquartered in Beed district

MUMBAI: A special court under the Prevention of Money Laundering Act (PMLA) on Saturday remanded Archana Kute, wife of arrested businessman Suresh Dnyanobarao Kute, to judicial custody till March 20 in the Enforcement Directorate’s probe into the alleged ₹2,467-crore Dnyanradha Multistate Co-operative Credit Society fraud.

PMLA court sends Archana Kute to judicial custody in Dnyanradha credit society fraud probe

Additional Sessions Judge R.B. Rote, while allowing the ED’s application, said the agency had shown sufficient grounds for continued custody.

“The grounds for judicial custody appear to be sufficient and cogent,” the court observed, adding that a perusal of the remand application indicated prima facie involvement of the accused in the offence.

The court also observed that denying judicial custody could hamper the investigation. The defence did not object to the ED’s request, the order noted.

The ED’s probe is based on multiple FIRs registered in Maharashtra over alleged financial irregularities in the Dnyanradha Multistate Co-operative Credit Society Ltd, headquartered in Beed district.

Investigators suspect the society collected deposits from investors by promising high returns and later diverted the funds through companies linked to the Kute group.

The agency has already arrested key accused, including Suresh Kute, and is tracing assets suspected to be proceeds of crime. Archana Kute’s custody forms part of the ED’s ongoing probe into the alleged diversion and laundering of funds through associated entities.