BHUBANESWAR: The Enforcement Directorate (ED) seized over Rs 1.07 crore of ponzi firm M/S Golden Land Developers Pvt Ltd during the searches at 19 locations in Odisha, New Delhi, Punjab and Chandigarh.
During the searches, around Rs 43.48 lakh in cash, Rs 64.22 lakh from bank accounts and a Toyota Fortuner car worth Rs 35 lakh were seized. Various incriminating documents including property papers of 1,500 acre related to the case and digital devices were also seized from various premises linked to the ponzi firm.
ED investigation revealed the accused, entities and companies associated with Golden Land Developers had raised huge amount of money from general public under the garb of real estate business. They had floated illegal financial businesses, schemes of lump-sum deposits, recurring deposits, RD/monthly investments and others.
Under the guise of plot booking and without getting any approval from regulatory authorities like RBI, SEBI and ROC, the accused promised the investors of high returns against deposits made in the company. ED unearthed that there was large-scale diversion of cash to sister organisations and to the accounts of directors and associates of the ponzi firm.
The central agency had launched an investigation into the matter after Central Bureau of Investigation (CBI), Kolkata, had registered a case against New Delhi based Golden Land Developers.