ED Raids Golden Land Developers in Money Laundering Case/PTI
ED Raids Golden Land Developers in Money Laundering Case
In connection with a money laundering case, officials of the Enforcement Directorate (ED) conducted searches at 19 locations linked to Golden Land Developers Limited.
The searches, spanning Odisha, Punjab, Chandigarh, and Delhi, resulted in the seizure of Rs 43.48 lakh in cash, Rs 64.22 lakh in bank balances, and a Toyota Fortuner car worth Rs 35 lakh.
Additionally, incriminating documents, property papers for 1500 acres, and digital devices related to the case were confiscated.
Illicit Financial Activities Unearthed: Unapproved Schemes Targeting the Public
The ED’s investigation, triggered by an FIR registered by the Central Bureau of Investigation, SPE, Kolkata, revealed that the accused individuals and entities conducted illegal financial activities under the guise of real estate development.
The unauthorized schemes, including lump sum deposits, recurring deposits, and monthly investment plans, were offered to the public with promises of higher returns without regulatory approvals from entities such as RBI, SEBI, and ROC.
The investigation also exposed large-scale diversion of cash to sister concerns, directors, and associates.