The Enforcement Directorate (ED) has provisionally attached assets worth ₹1,528 crore belonging to the Delhi-based chit fund and real estate company, Golden Land Group of Companies, under the Prevention of Money Laundering Act (PMLA). This action comes after allegations that the company fraudulently raised large sums of money from people in Odisha and Andhra Pradesh under the guise of real estate development and illegal financial schemes.
According to the ED’s Bhubaneswar office, the attached assets include ₹15.06 crore in bank balances across various accounts, along with a vast expanse of immovable property covering 1,000 acres in multiple districts of Odisha and Andhra Pradesh. The attached properties also include constructed buildings and structures, with the current market value of these immovable assets estimated to be around ₹1,413 crore.
The ED launched its investigation after the Central Bureau of Investigation (CBI) in Kolkata filed a first information report (FIR) against Golden Land Group of Companies and its associated entities. The company allegedly operated without the necessary approvals from regulatory authorities, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Registrar of Companies.
The investigation revealed that Golden Land Developers Limited and GLP Developers Limited engaged in fraudulent activities, raising large amounts of money from the public by offering illegal financial products such as lump sum deposits, recurring deposits, and monthly investment schemes (MIS) under the pretext of real estate development. The company also promoted “plot booking” as a means to attract investments, all while failing to obtain the requisite statutory approvals.
In addition, the ED uncovered evidence of large-scale diversion of funds to the accounts of directors, associates, and sister concerns of Golden Land Group. This has further deepened the allegations of financial malpractices and illegal money laundering activities linked to the company.
Earlier in February 2024, the ED conducted search operations at several locations in Odisha, Punjab, Chandigarh, and Delhi, targeting the promoters, directors, and owners of Golden Land Group. These raids led to the seizure of cash and vehicles, further corroborating the fraudulent activities of the company.
The ED’s ongoing investigation has sent a strong message against financial frauds in the real estate and chit fund sectors, particularly those that exploit the public for unlawful gains. The Enforcement Directorate has vowed to continue its crackdown on such illegal financial activities and ensure that those responsible face appropriate legal consequences.
As the investigation continues, the ED has assured the public of its commitment to exposing financial malpractices and safeguarding the interests of innocent investors, especially in the vulnerable sectors of chit funds and real estate development.
Sources By Agencies
