ED Raids Multiple Locations in Money Laundering Probe
| IOP Desk - 10 Feb 2024

IOP News Desk

New Delhi, February 10, 2024- Officials from the Enforcement Directorate (ED) conducted raids at 19 premises owned by Golden Land Developers Limited as part of a money laundering investigation.

The ED disclosed that during the search operations, they seized a total of ₹43.48 lakh in cash, ₹64.22 lakh in bank balances belonging to the individuals under scrutiny, and a Toyota Fortuner car valued at ₹35 lakh.

Additionally, the agency confiscated various incriminating documents, including property papers covering 1500 acres relevant to the case, and digital devices from different locations.

The raids were carried out across Odisha, Punjab, Chandigarh, and Delhi, under the provisions of the Prevention of Money Laundering Act.

The investigation was initiated based on a First Information Report filed against Golden Land Developers Limited by the Central Bureau of Investigation, SPE, Kolkata, citing multiple sections of the Indian Penal Code.

ED's probe revealed that the accused individuals and entities allegedly solicited substantial sums of money from the public under the guise of real estate development. They purportedly operated illicit financial schemes, such as lump sum deposits, recurring deposits, monthly investment schemes, and others, promising investors high returns without regulatory approval from authorities like the RBI, SEBI, or ROC.

The agency further stated that they uncovered a significant diversion of cash to affiliated entities and accounts of directors and associates.

The Enforcement Directorate continues its investigation into the matter, aiming to unravel the intricate web of financial irregularities and hold those involved accountable for their actions.


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