Goldenland Scam: ED Freezes Rs1,428 Crore in Properties and Accounts
Moneylife Digital Team 30 April 2025
In a major crackdown under the Prevention of Money Laundering Act (PMLA), 2002, the Bhubaneswar zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs1,428 crore belonging to the Goldenland group of companies. 
 
The attached assets include Rs15.06 crore in various bank accounts and about 1,000 acres of land spread across districts in Odisha and Andhra Pradesh (AP). Also included are constructed buildings and structures, with the current market value of the immovable properties pegged at Rs1,413 crore.
 
The ED launched its probe following a first information report (FIR) filed by the central bureau of investigation (CBI)'s special police establishment in Kolkata, under multiple sections of the Indian Penal Code (IPC), 1860 The investigation uncovered a large-scale fraudulent scheme allegedly orchestrated by Goldenland group companies, including Golden Land Developers Ltd and GLP Developers Ltd.
 
According to the ED, these companies, without any statutory approvals from regulatory bodies such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), or registrar of companies (RoC), illicitly collected vast sums from the public under the guise of real estate development. They reportedly operated illegal financial schemes resembling fixed deposits, recurring deposits, monthly income plans (MIS), and other investment products, falsely labelled as ‘plot booking’ plans.
 
Innocent investors were lured with promises of high returns, and the funds raised were allegedly diverted to associated firms, directors, and their relatives. The ED’s findings also reveal extensive misuse of cash and financial manipulation through sister concerns.
 
Earlier, on 8 February 2024, the ED conducted search operations at multiple locations linked to the group’s promoters and directors in Odisha, Punjab, Chandigarh, and Delhi. These raids led to the seizure of cash and vehicles connected to the alleged fraud.
 
The investigation is ongoing, and more action is likely as the financial trail is further unravelled, the agency says.
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