Bhubaneswar: The Enforcement Directorate raided properties belonging to the Golden Land Developers Limited in Odisha in connection with a money laundering case.
The investigative agency carried out search operations at 19 locations in Odisha, Punjab, Chandigarh and Delhi on February 8 under the provisions of Prevention of Money Laundering Act (PMLA), 2002, the ED stated in a release today.
ED initiated an investigation based on an FIR registered by the CBI, SPE, Kolkata under various sections of IPC 1860 against M/s Golden Land Developers Limited.
ED investigation revealed that accused persons, entities and companies associated with M/s Golden Land Developers Limited had raised huge amounts of money from the general public in the garb of real estate development. They had floated illegal financial businesses/schemes of lump sum deposits, Recurring Deposits, RD/Monthly investment schemes (MIS), YLY plan, etc. in the guise of plot booking without any approval of the regulatory authorities such as RBI, SEBI, ROC, etc. by alluring the depositors of “higher returns against the deposits made in the company”. Large scale diversion of cash to sister concerns and to the accounts of directors and associates has also been unearthed.
During the search operations, a total amount of Rs.43.48 lakh cash and Rs.64.22 lakh bank balances along with a Toyota Fortuner car worth Rs 35 lakh were seized. Further various incriminating documents including property papers of 1500 acres related to the case and digital devices have also been seized from various premises.
Further investigation is under progress.