Bhubaneswar: The Enforcement Directorate (ED) announced on Tuesday that it has provisionally attached assets valued at ₹1,428 crore belonging to the Goldenland Group of Companies as part of an ongoing chit fund investigation.

According to the ED, its inquiries have uncovered that individuals and companies linked to Golden Land Developers Ltd and GLP Developers Ltd unlawfully collected substantial sums from the public in Odisha and Andhra Pradesh under the pretense of real estate development.

The agency alleges that these companies operated illegal financial schemes, including lump sum deposits, recurring deposits, and monthly investment plans, enticing unsuspecting individuals with false promises of high returns.

The ED also reported discovering significant cash diversions to affiliated companies and the personal accounts of directors and associates.

The assets provisionally attached include bank deposits amounting to ₹15.06 crore and approximately 1,000 acres of land across various districts in Odisha and Andhra Pradesh, along with several constructed buildings.

Last February, the ED conducted searches at properties linked to these companies in Odisha, Punjab, and Chandigarh.

This investigation was initiated following an FIR filed by the CBI under multiple sections of the Indian Penal Code.