Bhubaneswar: The Directorate of Enforcement (ED), Bhubaneswar Zone, has attached Rs 1,428 crore worth of assets belonging to Goldenland Group of Companies.
According to official sources, the assets include bank balance, amounting to Rs 15.06 crore, around 1,000 acres of land across Odisha and Andhra Pradesh and several constructed buildings and structures. These were attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The group had allegedly collected Rs 590.68 crore through its branch offices in Balugaon, Berhampur, Bhubaneswar, Bhanjanagar, Paralakhemundi and Bhawanipatna in the garb of real estate development and floated illegal financial businesses of lump sum deposits, recurring deposits and monthly investment schemes.
Investigation revealed that the company had raised the money without having any statutory authority and approval of the regulatory authorities such as Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and Registrar of Companies.
In February 2024, the ED had conducted search operations at multiple locations in the state and outside on properties linked to the chit fund company to ascertain if it was still in operation despite the CBI crackdown in 2014. The Delhi-based firm allegedly started its operation in the state in 2007-08.
In 2023, the Orissa high court issued fresh orders to additional district magistrate (ADM), Cuttack, to start refund process to investors, who had deposited not more than Rs 8,000, with Goldenland Developers Limited.
