Did the ED seize Rs 1,428 crore in assets over fraudulent deposit schemes in Odisha and Andhra Pradesh?
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Synopsis
In a major crackdown, the ED has seized assets worth Rs 1,428 crore from Goldenland Group, accused of defrauding thousands of investors in Odisha and Andhra Pradesh through deceptive deposit schemes. This extensive investigation highlights the need for strict regulatory measures in the financial sector.
Key Takeaways
- ED's crackdown reveals significant financial fraud.
- Assets worth Rs 1,428 crore seized from Goldenland Group.
- Investors were misled through illegal deposit schemes.
- Importance of regulatory compliance highlighted.
- Need for vigilance against financial crimes emphasized.
Bhubaneswar, April 29 (NationPress) - In a significant move against unlawful deposit schemes, the Enforcement Directorate (ED) has seized assets valued at Rs 1,428 crore belonging to the Goldenland Group of Companies for misleading numerous investors with promises of exorbitant returns, according to an official report released on Tuesday.
The company and its subsidiaries illicitly amassed substantial funds from countless investors in Odisha and Andhra Pradesh under the guise of investing in real estate development.
The firm engaged in illegal financial operations involving lump-sum deposits and misappropriated funds to other enterprises, as per the ED.
The asset seizure, which encompasses bank accounts totaling Rs 15.06 crore and properties spanning 1,000 acres across various districts in Odisha and Andhra Pradesh, was executed on Tuesday in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The current market value of the attached immovable assets, which also comprises constructed buildings and structures, is estimated at Rs 1,413 crore, the ED stated.
The ED launched the investigation following an FIR lodged by the CBI, Kolkata, under various sections of the Indian Penal Code (IPC), 1860, against Goldenland Group of Companies and others.
The investigation unveiled that individuals and entities linked to Golden Land Developers Limited and GLP Developers Limited introduced deposit schemes without any legal authorization or approval from regulatory bodies such as the RBI, SEBI, and ROC.
Previously, the ED had conducted search operations targeting promoters, directors, and owners of these companies at multiple locations in Odisha, Punjab, Chandigarh, and Delhi on February 8, 2024, leading to the confiscation of cash and vehicles.
On Monday, in a different case, the agency executed searches at five locations in Hyderabad concerning an ongoing investigation into the unlawful transfer of government land for personal profit.
The ED's investigation was initiated based on an FIR filed by the Telangana Police against private individuals and government officials for the alleged illegal transfer of government land involving forged documents and tampering with revenue records.
Point of View
I firmly believe that the crackdown on fraudulent deposit schemes is essential for protecting investors and maintaining trust in the financial system. The ED's actions serve as a crucial reminder of the importance of regulatory compliance and the need for vigilance against financial crimes. Our commitment is to provide the public with accurate information and support the enforcement of justice.
NationPress
07/10/2025
Frequently Asked Questions
What prompted the ED's investigation into Goldenland Group?
The investigation was initiated following an FIR registered by the CBI, Kolkata, under various sections of the IPC against Goldenland Group for fraudulent activities.
What types of assets were seized by the ED?
The ED seized bank balances worth Rs 15.06 crore and properties spanning 1,000 acres in Odisha and Andhra Pradesh.
How did Goldenland Group mislead investors?
The company raised funds by promising high returns through illegal deposit schemes without regulatory approval.
