ED Attaches ₹1,428 Crore Worth of Assets from Goldenland Group in Fraud Case

Bhubaneswar: In a major crackdown on financial fraud, the Enforcement Directorate (ED) has attached assets worth ₹1,428 crore belonging to the Goldenland Group of Companies for allegedly defrauding thousands of investors in Odisha and Andhra Pradesh.

According to official sources, the attached properties include bank balances of ₹15.06 crore, around 1,000 acres of land spread across districts in Odisha and Andhra Pradesh, and several constructed buildings and other immovable assets. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002.

The ED had earlier conducted search operations on February 8, 2024, at multiple locations in Odisha, Punjab, Chandigarh, and Delhi, targeting the promoters, directors, and owners of the Goldenland Group. During the raids, officials seized cash and vehicles linked to the alleged fraud.

The money laundering probe stemmed from a case registered by the CBI, Special Police Establishment, Kolkata, under various sections of the Indian Penal Code (IPC), 1860. The case involves large-scale financial irregularities and fraudulent investment schemes.

Investigations revealed that companies including Goldenland Developers Limited and GLP Developers Limited collected huge sums from the public without regulatory approval, operating unauthorised financial schemes such as lump-sum deposits, recurring deposits, and monthly investment plans. Investors were enticed with false promises of high returns, under the pretense of real estate development.

Further inquiry exposed massive fund diversion to sister concerns and personal accounts of directors and their associates, indicating deep-rooted financial malpractice.

The ED continues to investigate the case to trace the full extent of the fraud and recover public funds.