The Enforcement Directorate (ED) has conducted searches at 16 premises linked to Bengaluru-based Attica Gold Private Limited and other associated persons as part of a money laundering investigation into buying and selling stolen gold.
The searches were carried out on September 23 and 24 in Bengaluru, Chennai, Hyderabad and Visakhapatnam under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002. The agency took place at premises associated with the directors of the company, former directors, shareholders and other people involved in the alleged financial network, it said.
During the two-day operation, ED officials seized ₹7.52 lakh in cash and foreign currency, gold jewellery and silver articles. The agency has described the seized assets as suspected proceeds of crime related to the case. The ED has not publicly disclosed the total value of the foreign currency, gold jewellery and silver articles seized during the searches.
What is the ED investigating?
But the central agency said its investigation is into allegations that Attica Gold Private Limited and certain persons operating there were habitual in buying and purchasing stolen gold articles.
The ED began its investigation based on multiple First Information Reports (FIRs) and chargesheets filed by police authorities at different police stations. Those police cases contain allegations of the repeated purchase and acquisition of stolen gold, the agency said.
The ED then examined the information from those cases and the material gathered during its own investigation into alleged money laundering activities.
The allegations are currently under investigation, and the ED description of the alleged activities represents the agency's case at this stage.
Searches conducted in Four Cities
The operation covered 16 premises spread across four major cities including Bengaluru, Chennai, Hyderabad and Visakhapatnam.
Investigators searched directors, former directors and shareholders’ homes, in addition to the company’s head office, branches and other locations connected to the company.
The wide geographical spread of the searches indicates that the agency is looking at not only the company's main operations but also the activities and assets of people allegedly connected with the company.
The ED's Bengaluru Zonal Office carried out the operation as part of the ongoing PMLA investigation.
Key individuals named by the ED
The agency has named several individuals in connection with the investigation, including P.S. Ayub alias Bommanahalli Babu, Obedulla A., Mohammed Salman A. and Arbin Taj A.
The ED alleged that these key persons were not present during the searches and did not cooperate with the search process. The agency also alleged that employees at the business premises had been told by the key individuals to remain unavailable during the operation.
These claims are part of the ED’s ongoing investigation and have not so far been established through a final judicial finding.
Cash, Gold and Silver Seized
The search operation resulted in the seizure of several categories of assets.
The ED said officers recovered ₹7.52 lakh in cash and foreign currency, gold jewellery and silver articles.
The agency has described these assets as suspected proceeds of crime. But details about the exact amount and value of the precious metal articles and foreign currency have not been made public in the agency's statement.
The seizure of these items will be the evidence investigators will draw upon to trace the alleged proceeds and understand the financial transactions that happen to the case.
How the PMLA Investigation Started
The Prevention of Money Laundering Act allows the ED to investigate the laundering of proceeds connected to scheduled offences.
The agency’s investigation was triggered by a number of police cases and chargesheets about alleged stolen-gold transactions. The ED is investigating whether any of the proceeds from such activities were transferred, concealed, or otherwise handled in a manner that falls within the scope of the PMLA.
This means that the ED action is not only about how much stolen gold might have been purchased, but also around the alleged financial trail of the proceeds and the individuals or entities that might have handled them.
Company Premises and Residential Locations Searched
The ED's searches were not restricted to Attica Gold's commercial establishments.
In addition to this, officers also searched residential properties associated with directors, former directors and shareholders, the agency noted. The company’s head office and branches were also covered.
Such searches are generally aimed at finding documents, financial records, electronic devices and other material that investigators believe could help establish the movement of suspected proceeds of crime.
The agency has not disclosed the nature of all documents or electronic evidence that it has recovered during the operation.
Investigation Remains Underway
The searches were an enormous step forward in the investigation into Attica Gold and affiliated individuals.
The seizure of assets or the conduct of searches does not by itself establish criminal liability. Investigators will need to establish the source and ownership of the seized assets, trace relevant financial transactions and establish whether the alleged activities are required under the PMLA and the underlying criminal cases.
ED, Bengaluru conducted searches across 16 premises in Bengaluru, Chennai, Hyderabad & Visakhapatnam under PMLA, 2002 targeting M/s Attica Gold Pvt Ltd, its directors & associates like P.S. Ayub over allegations of habitually purchasing stolen gold and amassing PoC, resulting in… pic.twitter.com/74FvIRut1A
— All India Radio News (@airnewsalerts) September 25, 2026
A further investigation is ongoing, the ED said
As investigators examine the FIRs, chargesheets, financial records and material seized during the searches and the alleged stolen-gold network and the flow of suspected proceeds, more information may emerge.
The case is still under investigation by Attica Gold Private Limited and its associated individuals and transactions related to stolen gold in India. The next step will be based on the evidence collected in the searches in Bengaluru, Chennai, Hyderabad and Visakhapatnam.
