Bhubaneswar: The Directorate of Enforcement (ED) has carried out search operations at 19 locations in Odisha, Punjab, Chandigarh and Delhi on Thursday under the provisions of the Prevention of Money Laundering Act(PMLA), 2002 in the matter of M/s. Golden Land Developers Limited and others.
According to an official press release, the ED initiated the investigation based on an FIR registered by the CBI, SPE, Kolkata under various sections of IPC 1860 against M/s Golden Land Developers Limited.
The 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 plans, 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 in cash and Rs 64.22 lakh in bank balances of the searched persons along with a Toyota Fortuner car worth 35 lakhs 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.
