Left Menu
Development News Edition

ED attaches Rs 17-cr assets of Rajasthan cooperative society in PMLA case

PTI | New Delhi | Updated: 13-09-2019 19:16 IST | Created: 13-09-2019 19:16 IST
ED attaches Rs 17-cr assets of Rajasthan cooperative society in PMLA case

The Enforcement Directorate (ED) on Friday said it has attached assets worth over Rs 17 crore of a cooperative society based in Rajasthan's Mount Abu in connection with a money laundering case against it and its promoter. The federal probe agency said it has issued a provisional order, under the Prevention of Money Laundering Act (PMLA), for attachment of hotel Abu Grand in Rajasthan's lone hill station of Mount Abu and farm houses, under-construction real estate projects and residential properties in other parts of the state.

A total of 34 properties estimated to be worth Rs 17.05 crore have been attached, it said. The case pertains to an alleged chit fund-kind of a scam perpetrated by a multi-state co-operative society named Arbuda Credit Co-operative Society Ltd (ACCSL) and its promoter Rakesh Kumar Agrawal alias Bobby.

"It is alleged that Arbuda Credit Co-operative Society Ltd and its managing director Rakesh Kumar Agrawal and others lured gullible investors to deposit money in various schemes of the credit society by promising them higher returns." "The entities collected money from innocent people and subsequently siphoned it off through a company Ashtha Real Estate and used the same for other businesses and for purchase and construction of a number of immovable properties," the ED said in a statement issued here.

Probe revealed, it said, that Agrawal "siphoned off" the money from ACCSL and Apni Credit Society through "fake loan accounts" in the said entities and used the same in other businesses. The agency said it filed a PMLA case in this instance based on a Gujarat police FIR.


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Videos

Latest News

50 years of YRF: Aditya Chopra thanks film industry for giving equal opportunity to all

As Yash Raj Films YRF celebrates 50 years, filmmaker Aditya Chopra credited the welcoming nature of the Indian film industry for the success of the studio, set up by his father, late director-producer Yash Chopra in 1970. In a special note ...

Tensions flare between Armenia and Azerbaijan over new clashes

Tensions flared between Armenia and Azerbaijan on Sunday over clashes in which Yerevan said Azeri forces shelled the breakaway region of Nagorno-Karabakh and Baku accused Armenian forces of shelling Azeri military and civilian positions. Ca...

IKEA to adopt omni-channel approach for expansion in India

The COVID-19 pandemic has slowed down Swedish furniture retailer IKEAs expansion plans in India but the company is adjusting to the new reality while continuing to bet on the country as one of its very important markets, according to compan...

Congress MLA Dinesh Gundu Rao tests positive for COVID-19

Karnataka Congress leader and MLA Dinesh Gundu Rao on Sunday said he has tested positive for COVID-19. I have tested Corona positive today.Therefore will be quarantining myself for 10 days. I request all my primary contacts to get themselve...

Give Feedback