Directorate of Enforcement (ED) has carried out search operations under the provisions of the Prevention of Money Laundering Act at three places in Bhubaneswar and one at Berhampur, Ganjam against Keshari Estates Pvt Ltd and its directors, the federal agency official said on Monday.
The searched premises include two residential premises belonging to the directors at Bhubaneswar and one office premise each at Bhubaneswar and Berhampur.
The searches were carried out on March 24.
During these searches, gold jewellery weighing more than 1.5 kg and worth around Rs1 Crore, forming part of proceeds of crime, have been duly seized from the residential premises of a director at Bhubaneswar.
“Voluminous incriminating documents and evidence related to the case have also been seized during these operations,” the official said.
ED initiated an investigation under PMLA in the year 2021 on the basis of an FIR registered by the EOW of Odisha against Keshari Estates Pvt. Ltd. and its Directors for defrauding and cheating the gullible buyers, and investors with criminal intentions while alluring to sell them houses.
KEPL faltered on repayment and cheated the buyers to the tune of Rs 5,91,54,545 which was misappropriated by the directors.