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."