Bhubaneswar: The Directorate of Enforcement (ED) conducted search operations at 19 locations across Odisha, Punjab, Chandigarh, and Delhi on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The searches were carried out in connection with the matter involving M/s. Golden Land Developers Limited and others.
An official press release stated that the ED initiated the investigation based on an FIR registered by the CBI, SPE, Kolkata under various sections of the IPC 1860 against M/s Golden Land Developers Limited.
The investigation revealed that individuals, entities, and companies associated with M/s Golden Land Developers Limited had raised substantial sums of money from the general public under the guise of real estate development. They allegedly operated illegal financial schemes, including lump sum deposits, Recurring Deposits, RD/Monthly investment schemes (MIS), YLY plans, etc., for plot bookings without regulatory approvals from authorities such as RBI, SEBI, ROC, etc. Investors were allegedly lured with promises of high returns on their deposits.
The search operations led to the seizure of a total amount of Rs 43.48 Lakh in cash, Rs 64.22 lakh in bank balances of the searched persons, and a Toyota Fortuner car valued at 35 lakhs.
In addition to cash and assets, various incriminating documents, including property papers related to 1500 acres connected to the case, and digital devices were seized from multiple premises.
The ED emphasized that the investigation is ongoing, indicating that further action may be taken as additional evidence is uncovered.
