ED Attaches Goldenland Group’s Assets Worth Rs.1,428 Crore in Multi-State Ponzi Scam Probe
Bhubaneswar: In a major crackdown on financial fraud, the Enforcement Directorate (ED), Bhubaneswar Zone, has provisionally attached assets valued at Rs. 1,428 crore belonging to the Goldenland Group of Companies.
The action, undertaken under the Prevention of Money Laundering Act (PMLA), 2002, targets the group for allegedly duping thousands of unsuspecting depositors across Odisha and Andhra Pradesh through unauthorised financial schemes.
According to ED officials, the seized assets include bank balances of ₹15.06 crore, around 1,000 acres of land spread across multiple districts in Odisha and Andhra Pradesh, along with several buildings and other constructed properties.
The attachment follows a series of coordinated raids conducted on February 8, 2024, across Odisha, Punjab, Chandigarh and Delhi. These searches targeted the promoters, directors and owners of the Goldenland Group, leading to the seizure of cash and vehicles.
The money laundering probe stems from a complaint registered by the CBI’s Special Police Establishment in Kolkata, invoking various sections of the Indian Penal Code, 1860, in relation to an alleged large-scale financial fraud.
Investigations have revealed that Goldenland Developers Limited and GLP Developers Limited mobilised vast sums from the public without obtaining requisite regulatory approvals. The companies, under the pretext of real estate development, enticed investors, primarily in Odisha and Andhra Pradesh, with false assurances of high returns. The group reportedly ran illegal deposit schemes, including lump-sum deposits, recurring deposits and monthly investment plans.
