ED raids 16 locations linked to Attica Gold in money laundering probe
Synopsis
The ED has raided 16 locations tied to Attica Gold Private Limited — a firm with roughly 200 outlets across India — alleging it habitually dealt in stolen gold to generate laundered proceeds. All four key persons named in the probe were absconding, and a political twist has emerged: one of them was reportedly planning to contest a Karnataka assembly bypoll.
Key Takeaways
The Enforcement Directorate searched 16 premises linked to Attica Gold Private Limited on 23–24 September 2026 under the PMLA, 2002 .
Raids spanned Bengaluru , Chennai , Hyderabad , and Visakhapatnam .
Seized assets include ₹7.52 lakh cash , foreign currency, gold jewellery, and silver articles.
Four key persons — including P.S.
Ayub alias Bomanahalli Babu — were named; all were absconding during the searches.
Attica Gold reportedly operates around 200 outlets and had previously been searched by the Income Tax Department .
Bomanahalli Babu was reportedly preparing to contest the Hiriyur Assembly bypoll in Karnataka.
The Enforcement Directorate (ED) conducted searches at 16 premises connected to Bengaluru-based Attica Gold Private Limited and associated persons across Bengaluru, Chennai, Hyderabad, and Visakhapatnam on 23 and 24 September 2026, in connection with an alleged money laundering case involving the purchase and acquisition of stolen gold. The raids were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, by the ED's Bengaluru Zonal Office, according to an official statement.
What the Investigation Covers
According to the ED, the probe centres on allegations that Attica Gold Private Limited, along with its shareholders and directors, was habitually involved in purchasing, acquiring, and dealing in stolen gold articles, allegedly generating substantial proceeds of crime. The investigation was initiated on the basis of multiple First Information Reports (FIRs) registered and charge sheets filed by police authorities at various stations, and further corroborated by other verifiable inputs relating to alleged money laundering activities.
The searches covered the head office and branches of Attica Gold Private Limited, residential premises of directors, former directors and shareholders, as well as other linked locations.
Key Persons Named — and Absconding
The ED identified four individuals as key persons linked to the investigation: P.S. Ayub alias Bomanahalli Babu, Obedulla A., Mohammed Salman A., and Arbin Taj A. According to the agency, none of these persons cooperated with the search proceedings and all remained absconding at the time of the raids. The ED further alleged that employees at certain business premises had been instructed by these key persons to remain unavailable during the searches.
Seizures Made During the Raids
The searches resulted in the seizure of alleged proceeds of crime including ₹7.52 lakh in cash, along with foreign currency, gold jewellery, and silver articles. Further investigation into the case is underway, according to the ED.
About Attica Gold and the Political Angle
Attica Gold reportedly operates a network of around 200 outlets across multiple states, with a business model built on buying gold directly from individuals, melting it, and converting it into jewellery for resale. The company had previously been searched by the Income Tax Department as part of an earlier investigation, making this the latest in a series of regulatory scrutinies it has faced.
Notably, the latest ED action has drawn attention to P.S. Ayub alias Bomanahalli Babu — widely known as Attica Babu — and his reported political ambitions. He was reportedly preparing to contest the bypoll from the Hiriyur Assembly constituency in Karnataka, adding a political dimension to what is otherwise a financial crimes case. The ED is continuing to examine the manner in which gold was procured, processed, and sold by the company.
Point of View
Where high-volume buy-back-and-melt operations can serve as laundering vehicles for stolen jewellery at scale. The fact that all four named accused were absconding and had allegedly instructed employees to be unavailable signals prior knowledge of the raids, raising questions about the timeliness of the agency's intelligence. The political dimension — a key accused reportedly eyeing a Karnataka bypoll seat — makes this a case where law-enforcement timelines and electoral calendars may not stay neatly separate. Past Income Tax scrutiny of the same firm, apparently without resulting in decisive action, only deepens the accountability questions here.
NationPress
25 Sept 2026
Frequently Asked Questions
Why did the ED raid Attica Gold Private Limited?
The ED raided Attica Gold Private Limited on 23 and 24 September 2026 over alleged money laundering linked to the habitual purchase and dealing of stolen gold articles. The investigation is based on multiple FIRs filed by police across several stations and is being conducted under Section 17 of the PMLA, 2002.
What was seized during the Attica Gold raids?
The searches resulted in the seizure of ₹7.52 lakh in cash, along with foreign currency, gold jewellery, and silver articles, all described by the ED as alleged proceeds of crime. Further investigation is ongoing.
Who are the key accused named by the ED in the Attica Gold case?
The ED has named P.S. Ayub alias Bomanahalli Babu, Obedulla A., Mohammed Salman A., and Arbin Taj A. as key persons in the investigation. All four were reportedly absconding and did not cooperate with the search proceedings.
What is Attica Gold and how does it operate?
Attica Gold Private Limited is a Bengaluru-based gold trading company that reportedly operates around 200 outlets across multiple Indian states. Its business model involves buying gold directly from individuals, melting it, and converting it into jewellery for resale through its retail network.
Is there a political angle to the Attica Gold ED case?
Yes. P.S. Ayub alias Bomanahalli Babu — one of the four key persons named by the ED — was reportedly preparing to contest the bypoll from the Hiriyur Assembly constituency in Karnataka. The ED action has brought renewed scrutiny to his background and political plans.
