Odisha: ED attaches assets worth ₹1528 crore of Delhi-based chit fund company
The company allegedly illegally and fraudulently raised huge amounts of money from people of Odisha and Andhra Pradesh in the garb of real estate development
Bhubaneswar: The Bhubaneswar office of the Enforcement Directorate (ED) has provisionally attached assets worth ₹1,428 crore of Delhi-based chit fund and real estate company Golden Land Group of Companies under the provisions of Prevention of Money Laundering Act (PMLA) over allegations that the company illegally and fraudulently raised huge amounts of money from people of Odisha and Andhra Pradesh in the garb of real estate development and floated illegal financial businesses of lump sum deposits, recurring deposits and monthly investment schemes.
The assets include bank balances amounting to ₹15.06 crore available in various accounts and landed properties measuring 1,000 acres in various districts of Odisha and Andhra Pradesh. The immovable assets attached also includes some constructed buildings and structures. The present market value of the immovable assets attached is to the tune of ₹1,413 crore.
ED initiated investigation on the basis of a first information report (FIR) registered by the Central Bureau of Investigation, Kolkata, under various sections of Indian Penal Code (IPC), 1860 against /s Golden Land Group of Companies and others.
ED investigation revealed that officials and companies associated with Golden Land Developers Limited and GLP Developers Limited without having any statutory authority and approval of the regulatory authorities such as Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Registrar of Companies, illegally and fraudulently raised huge amounts of money from general public from people of Odisha and Andhra Pradesh in the garb of real estate development and floated illegal financial businesses of lump sum deposits, Recurring Deposits, RD/Monthly investment schemes (MIS), YLY plan, etc. in the guise of plot booking. Large scale diversion of cash to sister concerns and to the accounts of directors and associates has also been unearthed.
Earlier, ED had carried out search operations against promoters/directors and owners of these related group of companies at various locations in Odisha, Punjab, Chandigarh and Delhi in February 2024 resulting in cash and vehicle seizures.
