During the investigation into the case involving Jyoti Ranjan Beura, also known as Golden Baba, the ED (Enforcement Directorate) in Bhubaneshwar received valuable intelligence. Acting upon this information, the ED successfully recovered a luxurious Audi Q5 vehicle on April 26, 2023, with an estimated value of approximately Rs. 51 Lakhs, belonging to Jyoti Ranjan Beura, alias Golden Baba. The vehicle was seized under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED launched an investigation under the PMLA against Jyoti Ranjan Beura, known as Golden Baba, for his involvement in a fraudulent scheme related to providing loans of around Rs. 5.50 Crore to needy businessmen in Odisha.
This investigation is based on a Charge Sheet and FIR filed by the EOW (Economic Offences Wing) in Bhubaneswar, accusing Jyoti Ranjan Beura of committing money laundering offenses under the PMLA of 2002.
Jyoti Ranjan Beura, as the sole proprietor of M/s Jyoti Trading & Co., engaged in various agreements with individuals and entities to provide financial assistance for their businesses. He received the advance proceeds of these agreements, but instead of fulfilling his obligations, he engaged in fraudulent activities.
Allegedly, He siphoned off the advance amounts by creating fake documents and diverting the received money into multiple accounts, including those held by M/s Jyoti Trading & Co. (a proprietorship firm) and other companies under his control.
Previously, the ED had frozen an amount of Rs. 50.47 Lakhs held in three bank accounts registered in the name of Jyoti Ranjan Beura, also known as Golden Baba, connected to Jyoti Trading & Co.
The investigation into this matter is still ongoing.
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