ED Attaches ₹1428 Crore Assets of Goldenland Group for Money Laundering

Directorate of Enforcement (ED), Bhubaneswar Zonal Office has provisionally
attached assets having present value of Rs. 1428 Crore of M/s Goldenland Group of
Companies under the provisions of Prevention of Money Laundering Act (PMLA), 2002. The
assets includes bank balances amounting to Rs. 15.06 Crore available in various accounts
and landed properties admeasuring 1000 acres approx. in various districts of Odisha and
Andhra Pradesh. The immovable assets attached also includes some constructed buildings
and structures. Present market value of immovable assets attached is to the tune of Rs. 1413
Crore.
ED initiated investigation on the basis of FIR registered by the CBI, SPE, Kolkata under
various section of IPC, 1860 against M/s Goldenland Group of Companies and others.
ED investigation revealed that suspect persons, entities and companies associated
with M/s Golden Land Developers Limited and M/s GLP Developers Limited without having
any statutory authority and approval of the regulatory authorities such as RBI, SEBI, ROC,
etc., have illegally and fraudulently raised huge amounts of money from general public from
the state 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 by alluring the innocent
depositors through the false promise of higher returns against the deposits made in the group
companies. 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 on 08.02.2024 resulting in cash and vehicle seizures.
Further investigation is under progress