Bank Fraud: Gold Worth Rs 1 Crore Seized During ED Raid On Real Estate Firms In Bhubaneswar

Bhubaneswar: The Enforcement Directorate (ED) seized gold ornaments weighing 1.978 kh worth over Rs 1.3 crore and Rs 15 lakh in cash during raids on eight residential and commercial premises in Bhubaneswar linked to two real estate firms under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

According to sources, the ED began investigating the bank fraud case in 2020 and questioned director of GDS Builders Pvt Ltd Umasankar Patro and director Surnag Builders Pvt Ltd Ashok Patro, who are relatives.

“ED has carried out search operations under the provisions of PMLA, 2002, on May 18, 2023, 8 residential and commercial premises in Bhubaneswar in bank fraud cases pertaining to M/s GDS Builders Pvt Ltd, M/s Surnag Builders Pvt. Ltd. and others,” officials said.

During the search, gold, cash sale deeds of certain properties, various incriminating documents and certain electronic devices were also seized from the house of Umasankar’s uncle Loknath Subudhi in the city.