The Directorate of Enforcement (ED) has temporarily attached assets worth Rs. 1.53 crore that Jyoti Ranjna Beura @ Golden Baba, the son of Shri Bijay Kumar Beura, the owner of M/s Jyoti Trading & Co., Bhubaneswar, had purchased as the proceeds of crime.
Jyoti Ranjan Beura @ Golden Baba was the subject of an investigation by the ED under the PMLA, 2002, for fraud involving the provision of loans of around Rs. 5.50 crore (approximately) to needy businesspeople in Odisha. The inquiry was based on a charge sheet produced by the EOW, Bhubaneswar, and an FIR that was filed against him.
Through M/s Jyoti Trading & Co., Jyoti Ranjan Beura defrauded several businessmen by promising them an unsecured loan or financial assistance at a competitive interest rate. He also fraudulently obtained Letters of Credit from them and discounted them in his account by fabricating and presenting false bills in place of the promised financial assistance or unsecured loan.
Prior to this, the ED had frozen bank accounts totalling Rs. 52 lakhs and had taken possession of two expensive cars (a BMW 520D and an Audi Q5) with a combined purchase value of Rs. 56 lakhs that belonged to Jyoti Ranjna Beura @ Golden Baba, the proprietor of M/s Jyoti Trading and Co. Further research is now being conducted.
