ED attaches properties worth Rs 366 cr of Adarsh Grp, Riddhi Siddhi Grp
New Delhi: Central Government probe agency ED has attached properties worth about Rs 366 crore belonging to Adarsh Grp of companies and also of Riddhi Siddhi Grp of companies.
The attached properties include agricultural land parcels, residential and commercial land pieces in Haryana, Rajasthan and Delhi. The ED has also seized FDs and bank balances in savings accounts of the companies and its directors.
The ED had filed a case and then acted on the basis of an FIR registered by Rajasthan Police’s Special Operation Grp against Rahul Modi, Mukesh Modi and other Key Managerial Persons (KMPs) Adarsh Grp, executives of Adarsh Credit Cooperative Society Ltd (ACCSL) and some other private persons.
The ED said in a statement that its probe found out that Mukesh Modi, in connivance with some of his relatives like Rahul Modi, Virendra Modi, Rohit Modi, etc indulged in fraudulent deals. They illegally transferred depositors' funds from ACCSL through dubious deals and benami transactions.
The ED found out that Mukesh Modi and his relatives set up many companies and firms with the intention of diverting funds from ACCSL to their personal real estate operations through some fraudulent loans.
In October 2019, the ED had earlier frozen properties worth Rs 1,490 crore in six states.