ED Searches 16 Attica Gold Premises in Bengaluru, Chennai, Hyderabad, Visakhapatnam Over Alleged Stolen-Gold Purchases; Cash, Foreign Currency and Jewellery Seized
Bengaluru: The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at 16 premises across Bengaluru, Chennai, Hyderabad and Visakhapatnam as part of a money-laundering investigation involving Attica Gold Private Limited and allegations that the company was habitually involved in purchasing or acquiring stolen gold articles.
The searches were carried out on September 23 and 24 under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, according to a press release issued by the ED on September 25.
The investigation concerns M/s Attica Gold Private Limited, Bengaluru, its shareholders and directors and persons closely associated with the company.
According to the ED, the allegations centre on the habitual purchase or acquisition of stolen gold articles by Attica Gold Private Limited, with the agency alleging that substantial proceeds of crime were amassed by persons closely associated with the company.
The ED named P.S. Ayub alias Bomanahalli Babu, Obedulla A., Mohammed Salman A., their family members and associates in its press release while describing the alleged proceeds-of-crime network.
Searches Across Four Cities
The ED said the search operation covered 16 premises spread across four cities — Bengaluru, Chennai, Hyderabad and Visakhapatnam.
The premises searched included residences of directors, former directors and shareholders of Attica Gold Private Limited.
The company’s head office and branches were also covered in the operation.
According to the ED, the searches were conducted not only at residential properties connected to key individuals but also across the company’s business establishments as the agency pursued its investigation into the alleged acquisition and dealing in stolen gold.
Probe Based on Multiple FIRs and Charge Sheets
The ED said its money-laundering investigation was initiated on the basis of multiple First Information Reports and charge sheets filed by police authorities across different police stations.
Those police cases involved allegations of habitual purchase, acquisition or dealing in stolen gold articles, according to the agency.
The ED said information collected from the FIRs was subsequently supported by what it described as various verifiable information gathered by the Directorate concerning alleged money-laundering activities and processes undertaken by the accused persons.
The allegations remain under investigation, and the ED’s statements regarding the alleged activities represent the agency’s case at this stage.
Directors, Former Directors and Shareholders Covered
The ED identified several individuals and locations as being among the key persons and premises covered during the searches.
These included residential premises of directors, former directors and shareholders, besides Attica Gold’s head office and branches.
The agency named P.S. Ayub alias Bomanahalli Babu, Obedulla A., Mohammed Salman A. and Arbin Taj A. among the key persons associated with the search operation.
ED Says Some Key Persons Absconded During Searches
The ED made a further allegation concerning the conduct of some of the individuals during the operation.
According to the agency, the key persons named in the press release did not cooperate and remained absconding during the search proceedings.
The ED further alleged that employees present at the business premises covered during the operation were instructed by key persons to remain unavailable during the searches.
These are allegations made by the Enforcement Directorate in its September 25 press release and form part of the continuing investigation.
Cash, Foreign Currency, Gold and Silver Seized
The ED said the searches resulted in seizure of what it described as proceeds of crime in the form of cash amounting to ₹7.52 lakh.
Apart from the cash, the agency also seized foreign currency, gold jewellery and silver articles during the operation.
The ED press release does not specify the amount of foreign currency or the quantity and value of the gold jewellery and silver articles seized.
The agency has also not provided, in the shared release, an overall monetary valuation of all assets seized during the two-day search operation.
Alleged Stolen-Gold Purchases at Centre of Probe
The central allegation outlined by the ED is that Attica Gold Private Limited was habitually involved in purchasing or acquiring stolen gold articles.
The Directorate has linked those allegations to its investigation into proceeds of crime and alleged money-laundering processes involving individuals associated with the company.
The searches across the four cities represent the latest investigative action in the case, covering both individuals associated with the company and Attica Gold’s business premises.
The ED said further investigation is in progress.
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