ED attaches assets of Odisha-based fraudster in money laundering case

A provisional order has been issued under provisions of the Prevention of Money Laundering Act for attaching the properties.

A provisional order has been issued under provisions of the Prevention of Money Laundering Act for attaching the properties.(Image credit:PTI/file)

The Enforcement Directorate on Saturday said it has attached assets worth Rs 1.53 crore as part of a money laundering investigation against alleged Odisha-based fraudster Jyoti Ranjan Beura alias Golden Baba.

A provisional order has been issued under provisions of the Prevention of Money Laundering Act for attaching the properties.

The money laundering case against Beura, the proprietor of Jyoti Trading and Co, stems from an Economic Offences Wing FIR and charge sheet of the Odisha Police filed on charges of fraud perpetrated by him in lieu of providing loans to the tune of Rs 5.50 crore to certain businessmen in the state.

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Beura, through the company (Jyoti Trading and Co), "cheated" various businessmen, alluring them of unsecured loan/financial assistance at an attractive rate of interest and "fraudulently" received Letter of Credit from them and discounted the same in his account by creating and presenting false and fabricated bills without providing them the promised financial assistance/unsecured loan, the Enforcement Directorate alleged in a statement.

The agency had earlier frozen bank deposits of Rs 52 lakh and seized a BMW and an Audi of Beura.

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Enforcement Directorate (ED)money laundering case