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Golden Baba Faces PMLA Charges for Multi-Crore Fraud Scheme

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In the bustling city of New Delhi, a Special Court, vested with authority under the formidable Prevention of Money Laundering Act (PMLA), has officially recognized and taken cognizance of the meticulously prepared charge sheet. This legal document stands as a formidable testament to the alleged misdeeds of an individual who goes by the name Jyoti Ranjan Beura, an individual who has also garnered attention under the alias to as Golden Baba, in connection with a forgery case. An official made this announcement on Thursday.

The investigation by the Enforcement Directorate (ED) was initiated based on an FIR registered by the Economic Offences Wing, CB, CID, Odisha Police in Bhubaneswar. Charge sheets were filed for offenses under various sections of the Indian Penal Code.

During the ED’s investigation, it came to light that Golden Baba, operating through Jyoti Trading & Co, had deceived several businessmen by enticing them with unsecured loans or financial assistance at appealing interest rates. He fraudulently obtained Letter of Credit from them under the pretense of building business relationships, then discounted these in the account of Jyoti Trading & Co. Golden Baba did this by creating and presenting false bills, failing to provide the promised financial support or unsecured loans. Consequently, he misappropriated significant sums for personal use, leading a lavish lifestyle from the proceeds of these criminal activities,” explained an ED official.

Previously, the ED had frozen bank balances totaling Rs 52 lakh, confiscated two luxury vehicles (AUDI Q5 and BMW 520D) with a combined purchase value of Rs 56 lakh, and provisionally attached assets amounting to Rs 1.53 crore belonging to ‘Golden Baba’.

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