New Delhi, Mar 31 (IANS): The Enforcement Directorate on Wednesday filed a charge sheet against 124 people, companies and firms in connection with its probe into the Adarsh Credit Cooperative Society Ltd (ACCSL) case.
The ED, in a statement, said that it filed a charge sheet against 124 individuals, companies and firms including ACCSL, Mukesh Modi and directors or partners or persons responsible for Adarsh Group of Companies or firms or LLPs, the Riddhi Siddhi Group of Companies or firms or AOPs, the Virendra Modi Group of Companies or individuals and others.
The charge sheet comes months after it attached movable and immovable properties, worth Rs 1,489 crore, spread across Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra, Uttar Pradesh and Uttarakhand.
The financial probe agency has registered a case on the basis of the FIR registered by Rajasthan Police against Mukesh Modi, Rahul Modi and others of Adarsh Group, officials of ACCSL and other private persons on the offences of cheating, criminal breach of trust, forgery of valuable security, and criminal conspiracy.
"Money laundering probe revealed that ACCSL lured common people by offering high interest rates on their deposits. The funds so collected were siphoned off to Mukesh Modi's companies or firms and his relatives and associates in garb of loans illicitly availed and integrated with their real estate businesses," it said.
The funds were diverted or siphoned off by Mukesh Modi and others, it added.
"Mukesh Modi, in collusion with his relatives Virendra Modi, Bharat Modi, Rahul Modi, Rohit Modi, Priyanka Modi, etc and associates including society's officials, siphoned off depositors' funds from ACCSL by way of inter-linked fraudulent transactions," it said.
Mukesh Modi, his relatives and associates incorporated several companies or firms or LLPs for sole purpose of diverting funds from ACCSL to their real estate business by way of availing fraudulent loans.
The ED alleged that Mukesh Modi also infused huge amount in these companies as share capital from ACCSL. "And huge amounts were diverted and siphoned off by means of exaggerated salaries, incentives and commissions to its own kin and companies or firms," it added.