India, March 15 -- A money-laundering probe by the Enforcement Directorate has revealed that some members of the erstwhile management of the Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL) had embezzled funds worth Rs.2,467 crore from investors. The agency has submitted a chargesheet against 24 accused in a special court in the alleged multi-crore fraud.

DMCSL had allegedly floated multiple deposit schemes with claims of providing lucrative rates of interest, from 12 per cent to 14 per cent. ED's probe found that the accused allegedly lured more than 4 lakh gullible investors to deposit money with them by promising higher returns but subsequently no payment or only partial payments were made to them when the deposits mature...