The Enforcement Directorate (ED) arrested Archana Kute on Monday in connection with a money laundering case tied to alleged financial irregularities at Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) and related entities in Mumbai. She has been remanded in ED custody until March 7.
Investigations revealed that a large portion of DMCCSL’s Rs 2,467 crore was allegedly diverted as “loans” to a network of companies under the control of Suresh Kute and Archana Kute. Archana had previously applied for anticipatory bail, but her request was rejected, leading to her arrest.
The case stems from multiple FIRs registered across Maharashtra alleging that DMCCSL floated high-yield deposit schemes promising 12%–14% returns. These schemes lured a large number of investors but caused substantial financial losses due to non-payment or partial payment of deposits.
The ED investigation is examining the flow of funds and alleged diversion of investors’ money to companies linked to the Kute Group. The probe highlights one of Maharashtra’s largest cooperative society frauds in recent years, affecting numerous depositors across the state.
