Malaika multi state credit cooperative society - Latest News Update, Information, Photos & Videos on Malaika multi state credit cooperative society at Lokmat Times

New Delhi [India], June 9 : The Directorate of Enforcement on Friday said it has attached 48 immovable properties worth Rs 60.44 crore including flats, shops, lands belonging to one Gilbert Baptist, his family members and entities controlled by him in a financial fraud case related to diversion of depositors money in Malaika Multi State Credit Cooperative Society (MMCCS).The enforcement agency initiated PMLA investigations based on an FIR and two charge sheets filed by the Mira Road Police Station in Maharashtra.The ED said the investigation revealed that Malaika Multistate Credit Cooperative Society (MMCCS) was established in 2010 by Gilbert Baptist, Marceline Baptist.Later, Baptist, the ED said, appointed various other dummy directors of MMCCS. The society was run as a one-man show by its chairman Baptist."Baptist had opened various businesses in the names of Malaika Appliances Pvt Ltd (MAPL), Yasoma Industries, Yasoma Wedding Sarees and Malaika Starcity Project etc, which were run from the investments received from MMCCS. The financial auditors of MMCCS pointed out several irregularities during annual periodic audits which were ignored by Gilbert Baptist and his aides. No prudent financial norms for sanctioning loans were followed," the ED said.Further, the ED said the person diverted the funds to create properties in his name, his family, his associates, and his businesses."His business ventures lost money and soon the accounts of MMCCS became NPA, resulting in losses to thousands of innocent investors. It is estimated that deposits worth Rs 200 crore and more were lost because of the fraud played by Gilbert Baptist," the ED said Friday.ED had arrested Baptist and he is presently in judicial custody. Further investigation into the matter is underway.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Malaika Multi State Credit Cooperative SocietyFOLLOW

Malaika multi state credit cooperative society, Latest News

Business :ED attaches Rs 60.4 cr worth assets of Malaika Multi State Credit Co-op Society on fraud charges

New Delhi [India], June 9 : The Directorate of Enforcement on Friday said it has attached 48 immovable properties ... ...