Mumbai Businessman Suresh Kute in ED Custody Over ₹2,467-Crore Scam
Suresh Kute faces serious allegations of diverting ₹2,467 crore in funds through multiple companies
Mumbai, India, Suresh Kute, ED, Fund Diversion, Cooperative Society
Mumbai: So, here’s the scoop. The Enforcement Directorate, or ED, has got its hands on businessman Suresh Kute. They’re saying he’s involved in a massive fund diversion case, totaling a whopping ₹2,467 crore. Can you believe that? Kute is the chairman of Dnyanradha Multi-state Cooperative Society Ltd, and it looks like he set up 22 companies and four LLPs just to shuffle these funds around like it’s no big deal.
Now, the ED has him in custody until January 10 for some serious questioning. A special judge, AC Daga, pointed out that there’s clear evidence of Kute’s involvement. The judge mentioned that the scale of this whole thing is huge, especially since they’ve already tracked down property worth ₹1,400 crore. If they didn’t keep him in custody, it could really mess up their investigation.
The court also noted that the ED needs to figure out where the rest of the money went and who actually benefited from it. Kute was running the cooperative society, and his right-hand man, Yashvant Kulkarni, was also in on it. They claim that out of a total loan of ₹3,558 crore, nearly all of it—about ₹3,545.05 crore—was linked to Kute’s companies.
According to the ED, Kute and Kulkarni cooked up this scheme to illegally divert funds disguised as loans. They funneled ₹2,467.89 crore through various accounts or even in cash, and none of it went to the intended purposes. It’s a wild story, and it’s still unfolding!