ED attaches assets worth 60.44 crores of Malaika Multi-State Credit Co-operative Society
New Delhi (IANS) | The Enforcement Directorate (ED) has attached 48 immovable properties worth Rs 60.44 crore of Malaika Multi-State Cooperative Credit Society (MMCCS) founder Gilbert Baptiste, his family members and controlled by them in connection with misappropriation of public deposits. Have done The agency said on Friday that it includes flats, shops, land etc. On the basis of an FIR and two chargesheets lodged at the Mira Road police station of the Maharashtra State Police, the central government had initiated an investigation under the Money Laundering Act.
ED probe has revealed that Malaika Multi-State Co-operative Credit Society was established in 2010 by Gilbert Baptiste, Marcellin Baptiste. Later, Baptiste appointed several other dummy directors of the MMCCS. The Society was run as a one-man show by its president, Baptiste.
All other members were following his instructions for day-to-day operations, the ED said.. Investors were systematically enticed to deposit money in several schemes with the promise of huge returns. But, instead of investing the deposits in safe businesses or equipment, Gilbert Baptiste invested most of the money in his own business ventures.
It further said that Baptiste had opened various businesses namely Malaika Appliances Pvt Ltd (MAPL), Yasoma Industries, Yasoma Wedding Sarees and Malaika Starcity Project etc. which were run from the investment received from MMCCS. The MMCCSK financial auditors pointed out several irregularities during the annual periodic audit, which were ignored by Gilbert Baptiste and his associates. Prudential financial norms were not followed for sanctioning the loan.
A similar careless attitude was adopted in their businesses as well. He used the money to create wealth in the name of himself, his family, his associates, his businesses.
His business ventures started making losses and soon the accounts of MMCCS became NPA, resulting in loss to thousands of innocent investors. It is estimated that due to the fraud perpetrated by Gilbert Baptiste, deposits worth Rs 200 crore were lost to investors.
The proceeds of crime, earned by defrauding depositors’ money, were used to create immovable properties in the names of MAPL, Gilbert Baptiste, Marcellin Baptiste, Elsie Rodrigues, Reena Jose, Manohar Shetty in Maharashtra and Dakshina Kannada district of Karnataka, the official said. Was. The ED has attached Sushant Sabat, Malaika Star City Project, Yasoma Industries and Yasoma Wedding.
Earlier, the ED had arrested Baptiste and he is currently in judicial custody.
Further investigation of the matter is on.
–IANS
