In a significant development, the Enforcement Directorate (ED) initiated search operations on September 1, 2024, at 11 locations in Bulandshahar, Uttar Pradesh, and nearby rural areas. This action is part of an investigation into a case involving Sudhir Goyal and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The probe stems from eighteen FIRs filed by the UP Police against Sudhir Kumar Goyal, his wife Rakhi Goyal, and additional accomplices. The ED’s inquiry revealed that Sudhir Goyal, a colonizer, allegedly orchestrated a large-scale fraud by selling plots in illegal colonies established in Bulandshahar city and its surroundings. Notably, these colonies lacked the necessary approvals from statutory authorities and the conversion of agricultural land, resulting in a total scam exceeding Rs. 100 crores.
As a consequence of their arrest by the UP Police, Sudhir Goyal, Rakhi Goyal, and three other associates, Alok Kumar (Jagga), Jai Singh, and J P Singh, are currently in custody.
A huge number of damaging documents, including partnership deeds, several sale/purchase agreements, and complaints from investors who had been duped, were discovered during the ED’s search operation. The discovery of comprehensive data regarding multiple bank accounts associated with the defendants resulted in the account closure of those accounts.
Authorities are still investigating, diving further into the complex network of financial mismanagement and illicit land deals that Sudhir Goyal and his accomplices arranged. This case is an alarming indication of the widespread difficulties presented by fraudulent schemes and the necessity of strong regulatory controls to protect investors and uphold the integrity of the financial system.
