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4w ago

ED Seizes ₹1,621.49 Crore in Crackdown on Fraudulent Schemes and Land Grabs

Recent attachments target Golden Land Group's ₹1,428 crore assets and 24 Goa properties worth ₹193.49 crore linked to land grab scams.

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

  • The Enforcement Directorate (ED) attached ₹1,428 crore worth of assets from Golden Land Group, including 1,000 acres of land in Odisha and Andhra Pradesh and ₹15.06 crore in bank balances.
  • Golden Land Group is accused of running illegal deposit schemes disguised as real estate projects, defrauding investors in Odisha and Andhra Pradesh.
  • In Goa, the ED provisionally attached 24 properties valued at ₹193.49 crore, bringing the total assets seized in the land grab investigation to ₹232.73 crore.
  • The Goa land grab scheme involved forged documents and fraudulent insertion of names into land records, targeting properties of deceased individuals or NRIs.
  • Both cases are ongoing as the ED continues to trace laundered funds and test the legality of the attached assets under the Prevention of Money Laundering Act (PMLA).