Goldenland Scandal: ED Attaches Rs 1,428 Crore in Chit Fund Probe

The Enforcement Directorate has attached Rs 1,428 crore of Goldenland Group's assets linked to a chit fund scandal. The group allegedly lured the public with false promises of high returns in real estate investments in Odisha and Andhra Pradesh, diverting funds illegally.

The Enforcement Directorate (ED) has taken decisive action against Goldenland Group of Companies by attaching assets worth Rs 1,428 crore. This move is part of a broader investigation into a chit fund scheme that allegedly defrauded the public under the guise of real estate investment in Odisha and Andhra Pradesh.

The ED's investigation revealed that Goldenland and its associated entities raised substantial funds from the public through illegal schemes, offering false promises of higher returns. These schemes reportedly involved various deposit plans masked as real estate plot bookings.

Furthermore, the ED uncovered significant cash diversions to sister concerns and accounts linked to the company's directors. The assets attached include bank deposits, land, and constructed properties. The investigation was prompted by an FIR registered by the CBI, highlighting widespread financial malpractice.

(With inputs from agencies.)