Bhubaneswar: The Directorate of Enforcement (ED), Bhubaneswar Zone, attached assets worth ₹1,428 crore belonging to the Goldenland Group of Companies on charges of defrauding gullible depositors.

Per official sources, the attached assets include bank balances amounting to ₹15.06 crore, approximately 1,000 acres of land across various districts in Odisha and Andhra Pradesh, as well as several constructed buildings and structures. The attachment was carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Earlier, on February 8, 2024, the ED conducted search operations at multiple locations in Odisha, Punjab, Chandigarh, and Delhi targeting promoters, directors, and owners of the Goldenland Group. During these raids, cash and vehicles were seized.

The ED’s investigation was initiated based on a complaint filed by the CBI, Special Police Establishment, Kolkata. The case involves various sections of the Indian Penal Code (IPC), 1860, and focuses on allegations of large-scale financial fraud.

Per ED officials, individuals and entities associated with Goldenland Developers Limited and GLP Developers Limited raised substantial sums of money from the public without any statutory authority or regulatory approval. Under the guise of real estate development, they lured investors from Odisha and Andhra Pradesh with false promises of high returns. The group operated illegal financial schemes such as lump-sum deposits, recurring deposits, and monthly investment plans.

The investigation also revealed large-scale diversion of funds to sister concerns and the personal accounts of directors and associates, further deepening the financial scandal.