27th of March, 2023 Press Release On March 24, 2023, the Directorate of Enforcement (ED) conducted search operations in three locations in Bhubaneswar and one in Berhampur, Ganjam under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 against M/s Keshari Estates Pvt. Ltd. and its directors. The searched premises include two home addresses in Bhubaneswar belonging to the directors, as well as one office address in each of Bhubaneswar and Berhampur.
During these searches, gold jewellery weighing more than 1.5 kg and valued at roughly Rs.1 crore was taken from the Bhubaneswar home of a director as part of the proceeds of crime. Throughout these raids, copious amounts of damning papers and evidence relevant to the case were also confiscated.
In the year 2021, the ED launched an investigation under the PMLA based on an FIR lodged by the EOW of Odisha against M/s Keshari Estates Pvt. Ltd. and its Directors for deceiving and scamming naive buyers/investors with criminal intent while tempting to sell the properties. KEPL defaulted on repayment and defrauded the buyers to the tune of Rs 5,91,54,545/-, which the Directors plundered. An investigation into the situation is now underway.
