ED Raids 16 Locations of Attica Gold Across 4 Cities, Seizes Cash and Bullion

• by Akanksha Mishra
• 2026-09-26 15:36:00

Cracking down on illicit gold trading networks across southern India, the Enforcement Directorate (ED) carried out extensive search operations targeting Bengaluru-headquartered Attica Gold Private Limited and its key promoters. Spanning September 23 and September 24, 2026, the Bengaluru Zonal Office conducted coordinated search actions across 16 commercial and residential premises situated in four major metropolitan hubs: Bengaluru, Chennai, Hyderabad, and Visakhapatnam. Invoking statutory provisions under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, the federal financial probe agency initiated the crackdown following serious allegations that the enterprise systematically purchased, melted, and transacted in stolen gold jewelry, laundering substantial proceeds of crime through commercial retail channels.

Origin of the Money Laundering Probe: FIRs and Multi-State Police Chargesheets

The federal investigation stems from an array of criminal cases registered across several regional police stations over recent years:

Stolen Bullion Pipeline: Multiple state police jurisdictions had previously filed First Information Reports (FIRs) and formal chargesheets implicating the firm's network in procuring stolen gold ornaments directly from chain-snatchers, burglary syndicates, and illegal pawnbrokers.

Verifiable Financial Intelligence: Collating police dossiers with proprietary financial intelligence, the ED identified complex layering patterns designed to integrate illicitly acquired precious metals into regular business ledgers.

Proceeds of Crime: Federal sleuths suspect the management, directors, and primary shareholders engineered an extensive pipeline to convert stolen valuables into untraceable cash reserves, establishing an organized commercial laundering conduit.

Key Promoters Evade Questioning: Directors at Large During Coordinated Searches

The two-day search operation extended beyond corporate headquarters and commercial retail branches into the private residences of current directors, former board executives, and major equity holders:

Promoters Absconding: Senior agency officials disclosed that several pivotal figures—including P.S. Ayub alias Bommanahalli Babu, Obedulla A., Mohammed Salman A., and Arbin Taj A.—failed to appear for questioning during search executions and remained at large.

Employee Non-Cooperation: On-site investigators revealed that branch staff and showroom employees were pre-instructed by absconding promoters to remain unavailable or refuse cooperation with federal officers.

Cash and Bullion Seizures: During the raids, ED teams confiscated ₹7.52 lakh in unaccounted Indian currency, alongside tranches of foreign currency notes, gold jewelry, and refined silver articles, with further forensic accounting and asset tracing currently underway.

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