The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has attached assets worth a staggering ₹1,413 crore belonging to the Golden Land Group of Companies in one of the largest crackdowns on illicit financial operations in eastern India.
The attachment includes over 1,000 acres of land spread across Odisha and Andhra Pradesh, as well as bank balances amounting to ₹15.06 crore.
The ED’s action was taken under the Prevention of Money Laundering Act (PMLA), 2002, following a probe triggered by an FIR filed by the Central Bureau of Investigation (CBI).
The FIR accused Golden Land Developers Limited and GLP Developers Limited of operating illegal financial schemes under the facade of real estate development without securing mandatory approvals from the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), or the Registrar of Companies (RoC).
Plot Bookings or Ponzi? Anatomy of a Deceptive Scheme
According to the ED, Golden Land Group lured thousands of innocent investors through fraudulent financial instruments masked as real estate offerings. The group floated schemes such as lump sum deposits, recurring deposits, and monthly investment plans under the guise of plot bookings—promising exorbitant returns that were never intended to be fulfilled.
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Investigators revealed that the group conducted illegal fundraising without regulatory oversight, amassing huge sums from the public while concealing the true nature of their financial activities. These were not mere land investments. This was a systematic and deceptive financial racket posing as a real estate enterprise, an official said.
The investigation further exposed extensive cash diversion to sister concerns, as well as personal accounts of directors and associates, underscoring the scale and complexity of the money laundering web.
Nationwide Crackdown and Ongoing Investigation
In a previous phase of the probe, ED teams conducted search operations across multiple states including Odisha, Punjab, Chandigarh, and Delhi targeting the residences and offices of Golden Land Group promoters, directors, and related entities. These raids were instrumental in uncovering documents and digital evidence supporting the charges of money laundering and unregulated deposit collection.
The immovable assets now attached not only include vast tracts of land but also constructed properties believed to have been acquired through proceeds of crime. The estimated market value of these immovable assets stands at ₹1,413 crore.
Authorities are continuing the investigation to identify additional victims, trace more assets, and expand the legal net around the network of companies involved. This is just the beginning. We are determined to ensure justice for thousands of defrauded investors, an ED official added.
For now, the fate of Golden Land Group’s directors hangs in the balance, with criminal prosecution under PMLA and the Bharatiya Nyaya Sanhita expected to follow in the coming months.