The Enforcement Directorate (ED) has taken a significant step in its money laundering investigation against Jyoti Ranjan Beura, also known as Golden Baba, a suspected fraudster based in Odisha. Assets worth Rs 1.53 crore have been attached by the ED as part of this ongoing probe. Acting under the authority of the Prevention of Money Laundering Act, a provisional order has been issued for the attachment of these properties.
The case of money laundering revolves around Jyoti Ranjan Beura, the owner of Jyoti Trading and Co, and is rooted in an initial FIR and charge sheet filed by the Odisha Police’s Economic Offences Wing. The allegations accuse Beura of orchestrating fraud in connection with loans amounting to Rs 5.50 crore, ostensibly offered to several local businesspersons.
The ED contends that Beura, utilizing his company, “deceived” various businesspeople by enticing them with unsecured loans or financial aid at an attractive interest rate. Allegedly, he then proceeded to acquire Letters of Credit from them under false pretenses, subsequently discounting these credits within his account. The process involved the presentation of counterfeit invoices, all while reneging on the promised financial support.
In previous actions, the ED had already frozen bank deposits totaling Rs 52 lakh and seized luxury vehicles—a BMW and an Audi—belonging to Beura. As the investigation proceeds, the ED’s actions underscore its commitment to pursuing financial irregularities and alleged fraud, aiming to hold accountable those responsible and safeguarding the financial interests of affected individuals and entities.