Dnyanradha Credit Society Scam: ED Attaches Assets Worth Rs188.41 Crore from Kute Group
Moneylife Digital Team 12 May 2025
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached immovable and movable assets worth about Rs88.41 crore in connection with its investigation into the Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL) scam involving Suresh Kute and others. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
 
The provisionally attached assets include land, buildings and plant and machinery belonging to various entities of the Kute group of companies, all situated in the Beed district of Maharashtra.
 
ED initiated an investigation into the case, based on various first information reports (FIRs) registered during May to July 2024 at various police stations in Maharashtra under various Sections of the IPC (Indian penal code), 1860 and the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999 in respect of fraud committed with the investors by Suresh Kute and others through DMCCSL. 
 
DMCSL, controlled and managed by Suresh Dnyanobarao Kute, Yashvant V Kulkarni and others launched multiple deposit schemes promising returns of 12% to 14%. According to ED, more than 400,000 investors were lured into depositing funds with the society. However, when these deposits matured, investors were either not paid at all or received only partial amounts.
 
ED’s investigation revealed that the management of DMCSL embezzled funds worth Rs2,467 crore. These funds were illegally diverted under the guise of loans to several companies within the Kute group, which is beneficially owned by Mr Kute and his family. The loaned funds were later siphoned off through various accounts of the group entities or withdrawn in cash and were used for personal gains such as real estate purchases, investments in new ventures and other expenses.
 
The latest attachment follows a series of earlier enforcement actions. ED had previously conducted search operations on 9th August, 20th September, and 14 October 2024, during which movable assets worth around Rs11 crore were seized or frozen. In addition, provisional attachment orders had been issued for assets worth Rs85.88 crore (24 September 2024), Rs1,002.79 crore (9 October 2024), and Rs333.82 crore (5 November 2024).
 
With the latest action, the total value of attached, seized, or frozen assets in the case now stands at around Rs1,621.89 crore.
 
Suresh Kute was arrested on 7 January 2025 and remains in judicial custody. ED filed a prosecution complaint before the Special PMLA Court in Mumbai on 6 March 2025, and the court took cognisance of the matter on 11 March 2025.
 
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Comments
kalemohan
1 month ago
MADHURI DIXIT NENE WAS INVOLVED IN ADVERTISING KUTEGROUP. WAS KUTE FAMILY MEMBER A BJP ASSOCIATE?BASICALLY KUTE GROUP IS DUBIOUS GROUP.
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