Rs 43 Lakh Cash, Rs 64 Lakh Bank Balance, SUV of Rs 35 Lakh Seized by ED During Golden Land Raids in Odisha, Other States

Bhubaneswar: The ED raids in Odisha and other parts of the country against chit-fund company M/s. Golden Land Developers Limited has resulted in the seizure of Rs 43.48 lakh cash and Rs 64.22 lakh in bank balances as well as a SUV worth Rs 35 lakh.

The ED officials conducted raids at 19 locations in Odisha, Punjab, Chandigarh and Delhi under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 related to M/s. Golden Land Developers Limited and others on Feb 8.

The ED had taken up the investigation on the basis of an FIR registered by the CBI, SPE, Kolkata under various Sections of IPC 1860 against M/s Golden Land Developers Limited.

“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, by alluring the depositors of higher returns against the deposits made in the company,” the ED said in a release.

“Various incriminating documents including property papers of 1500 acres related to the case and digital devices have also been seized from various premises,” the ED added.