ED searches 19 locations in money laundering case
New Delhi: Officials of the Enforcement Directorate conducted searches at 19 locations on the premises of Golden Land Developers Limited in a money laundering case.
"During the search operations, a total amount of Rs 43.48 lakh in cash and Rs 64.22 lakh in bank balances of the searched persons, along with a Toyota Fortuner car worth Rs 35 lakh, were seized," the ED said in a statement.
Further, various incriminating documents, including property papers for 1500 acres related to the case and digital devices, have also been seized from various premises, the agency said.
The raids spread over Odisha, Punjab, Chandigarh, and Delhi and were made under the provisions of the Prevention of Money Laundering Act.
The ED initiated an investigation on the basis of a First Information Report registered against the said company under various sections of the Indian Penal Code by the Central Bureau of Investigation, SPE, Kolkata.
Its investigation revealed that accused persons, entities, and companies had raised huge amounts of money from the general public in the garb of real estate development.
"They had floated illegal financial business of lump sum deposits, recurring deposits, monthly investment schemes, YLY plans, etc. in the guise of plot booking without any approval of the regulatory authorities such as the RBI, SEBI, ROC, etc. by alluring the depositors of "higher returns against the deposits made in the company."
A large-scale diversion of cash to sister concerns and to the accounts of directors and associates has also been unearthed," the ED said.
