ED Attaches Over 1,000 Acres of Land from Golden Land Group in Money Laundering Probe

In a significant crackdown on financial fraud, the Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has attached assets valued at approximately ₹1,413 crore belonging to the Golden Land Group of Companies. The action, carried out under the Prevention of Money Laundering Act (PMLA), 2002, involves the seizure of over 1,000 acres of land across Odisha and Andhra Pradesh, along with bank balances of ₹15.06 crore.

The ED initiated the investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC), 1860. The probe uncovered that entities linked to Golden Land Developers Limited and GLP Developers Limited raised massive sums of money illegally and without the necessary approvals from statutory authorities such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Registrar of Companies.

According to an official statement by the ED, the group engaged in unlawful financial schemes under the guise of real estate development. They lured unsuspecting investors with attractive returns, offering plans disguised as plot booking, lump sum deposits, recurring deposit schemes, and monthly investment plans. These schemes were promoted aggressively across Odisha and Andhra Pradesh, with false promises of high returns.

The investigation also revealed large-scale misappropriation of funds. Cash collected from investors was reportedly funneled into sister concerns and siphoned off to personal accounts of the company's directors and associates. The attached assets include not only vast tracts of undeveloped land but also constructed buildings and other immovable properties across multiple districts.

Earlier, the ED had carried out extensive search operations at various locations associated with the company’s promoters, directors, and owners in Odisha, Punjab, Chandigarh, and Delhi. These raids led to the recovery of key documents and digital evidence supporting the allegations of illegal financial activities.

This enforcement action marks another step in the ED's efforts to clamp down on fraudulent financial schemes operating outside the regulatory framework. By attaching properties of such high value, the agency aims to recover the proceeds of crime and deter other operators from engaging in similar unlawful practices.

Image source- enforcementdirectorate.gov.in