Odisha: ED attaches assets worth ₹1528 crore of Delhi-based chit fund company

The company allegedly illegally and fraudulently raised huge amounts of money from people of Odisha and Andhra Pradesh in the garb of real estate development

Published on: Apr 29, 2025, 20:11:26 IST

By Debabrata Mohanty

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Bhubaneswar: The Bhubaneswar office of the Enforcement Directorate (ED) has provisionally attached assets worth ₹1,428 crore of Delhi-based chit fund and real estate company Golden Land Group of Companies under the provisions of Prevention of Money Laundering Act (PMLA) over allegations that the company illegally and fraudulently raised huge amounts of money from people of Odisha and Andhra Pradesh in the garb of real estate development and floated illegal financial businesses of lump sum deposits, recurring deposits and monthly investment schemes.

ED initiated the investigation on the basis of an FIR registered by the CBI. (Representational image)

The assets include bank balances amounting to ₹15.06 crore available in various accounts and landed properties measuring 1,000 acres in various districts of Odisha and Andhra Pradesh. The immovable assets attached also includes some constructed buildings and structures. The present market value of the immovable assets attached is to the tune of ₹1,413 crore.

ED initiated investigation on the basis of a first information report (FIR) registered by the Central Bureau of Investigation, Kolkata, under various sections of Indian Penal Code (IPC), 1860 against /s Golden Land Group of Companies and others.

ED investigation revealed that officials and companies associated with Golden Land Developers Limited and GLP Developers Limited 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), Registrar of Companies, illegally and fraudulently raised huge amounts of money from general public from people of Odisha and Andhra Pradesh in the garb of real estate development and floated illegal financial businesses of lump sum deposits, Recurring Deposits, RD/Monthly investment schemes (MIS), YLY plan, etc. in the guise of plot booking. Large scale diversion of cash to sister concerns and to the accounts of directors and associates has also been unearthed.

Earlier, ED had carried out search operations against promoters/directors and owners of these related group of companies at various locations in Odisha, Punjab, Chandigarh and Delhi in February 2024 resulting in cash and vehicle seizures.

ABOUT THE AUTHOR
Debabrata Mohanty
Debabrata Mohanty is a senior assistant editor of Hindustan Times who works as state correspondent from Odisha covering the state's politics, governance, public policy, natural disasters, environment and its society for close to three decades. With his long years of reporting from the state capital of Bhubaneswar, Mohanty has been known as one of the most experienced and credible journalists covering Odisha for the national English dailies. His reporting combines on-ground detail with deep institutional knowledge detailing the state's changing politics, governance issues, administrative reforms and the functioning of its public institutions. He has regularly reported on issues ranging from legislative developments and public policy implementation. Politics is his core areas of expertise as he closely tracks Odisha's political landscape, including the rise and transformation of the Bharatiya Janata Party (BJP), the Biju Janata Dal (BJD), the two principal political parties in Odisha. His long association with the state's political establishment enables him to write on contemporary developments in a larger political context. Mohanty takes a deep interest in writing human interest stories, environmental issues and documenting the impact of cyclones, floods, heatwaves, and other climate-related events in one of the most disaster-prone states. His coverage extends to public health, governance reforms and stories on accountability of government institutions. Before joining Hindustan Times, Mohanty worked with The Indian Express, Mail Today, and The Telegraph, where he covered at least six general elections and as many assembly elections. In 2007, he was selected for the prestigious Chevening Young Indian Print Journalist Programme at the University of Lincoln, United Kingdom, where he received advanced training in print journalism. In 2009 he won the Press Institute of India-International Committee of Red Cross award on conflict reporting for his on-ground reportage of 2008 Kandhamal riots.Read More

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