ED raids chit fund company, seizes amount of Rs. 1.07cr and 1500 acres of land documents

Bhubaneswar: The Directorate of Enforcement (ED) has raided a chit fund company at 19 locations in Odisha, Punjab, Chandigarh and Delhi under the provisions of Prevention of Money Laundering Act (PMLA), 2002, said reliable reports in this regard on Saturday. The ED raids in the chit fund company identified as M/s. Golden Land Developers Limited and others was done under the Money Laundering Act, further added reports.

The ED initiated an investigation on the basis of FIR registered by the CBI, SPE, Kolkata under various section of IPC 1860 against M/s Golden Land Developers Limited, said reports. ED investigation revealed that accused persons, entities and companies associated with M/s Golden Land Developers Limited had raised huge amounts of money from general public in the garb of real estate development, said an official press release in this matter .

Reports say that, they had floated illegal financial businesses / schemes of lump sum deposits, Recurring Deposits, RD/Monthly investment schemes (MIS), YLY plan, etc. in the guise of plot booking without any approval of the regulatory authorities such as RBI, SEBI, ROC, etc. by alluring the depositors of “higher returns against the deposits made in the company” read the press release of the Enforcement Directorate.

According to reliable reports, large scale diversion of cash to sister concerns and to the accounts of directors and associates has also been unearthed. During the search operations, a total amount of Rs. 43.48 Lakhs in cash and Rs. 64.22 lakhs in bank balances of the searched persons along with a Toyota Fortuner car worth 35 lakhs was seized, said a press release by the ED.

Further it is worth mentioning that various incriminating documents including property papers of 1500 acres related to the case and digital devices have also been seized from various premises.
Further investigation is under progress. Detailed reports awaited in this matter.