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ED Files Plaint Against 24 in ₹2,467 Crore Credit Society Fraud Case
Business Standard
|March 14, 2025
The Enforcement Directorate (ED) on Thursday said that it has filed a prosecution complaint before the Special Court (PMLA), Mumbai, on March 6, in the case of M/s Dnyanradha Multistate Co-operative Credit Society (DMCCSL) and others against 24 accused, including Suresh Kute, DMCCSL, and others, in connection with fraud committed by floating various deposit schemes that promised interest ranging from 12 per cent to 14 per cent.
However, no payments or only partial payments were made to investors when the deposits matured, resulting in them being cheated.
During the PMLA investigation, the ED found that Kute and others lured more than 400,000 investors into depositing money with DMCCSL by promising high returns.
This story is from the March 14, 2025 edition of Business Standard.
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