Bengaluru, September 25, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has conducted searches at 16 premises linked to Bengaluru-based Attica Gold Private Limited and others across Bengaluru, Chennai, Hyderabad and Visakhapatnam in connection with an alleged money laundering case involving the purchase and acquisition of stolen gold.
The searches were carried out on September 23 and 24 under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, by the ED’s Bengaluru Zonal Office, the agency said in a statement on Friday.
According to the ED, its investigation concerns allegations that Attica Gold Private Limited, its shareholders and directors were habitually involved in the purchase, acquisition and dealing of stolen gold articles, allegedly generating substantial proceeds of crime.
The investigation was initiated on the basis of multiple FIRs registered and charge sheets filed by police authorities at various police stations in connection with allegations of habitual purchase, acquisition and dealing in stolen gold.
The ED said information contained in the FIRs was supported by other verifiable inputs concerning alleged money laundering activities and processes undertaken by the accused.
The searches covered residential premises linked to directors, former directors and shareholders, along with the head office and branches of Attica Gold and other connected premises.
The agency identified P.S. Ayub alias Bomanahalli Babu, Obedulla A., Mohammed Salman A. and Arbin Taj A. among key persons linked to the investigation. The ED alleged that these individuals did not cooperate with the search proceedings and remained absconding.
The agency further alleged that employees at some of the business premises had been instructed by the key persons to remain unavailable during the searches.
During the operation, the ED said it seized alleged proceeds of crime comprising Rs 7.52 lakh in cash, besides foreign currency, gold jewellery and silver articles.
The ED said further investigation is underway.
Attica Gold operates a network of outlets across several states and is involved in the purchase and sale of gold. According to the company’s business model described in the case, it purchases gold directly from individuals, melts and converts it into jewellery, and sells the products through its outlets.
The ED is examining complaints and allegations concerning the manner in which gold was allegedly procured and subsequently processed and sold by the company.
The company had also previously been searched by the Income Tax Department in connection with an earlier investigation. Attica Gold has expanded across multiple states and reportedly operates around 200 outlets.
The latest ED action has also brought attention to Bomanahalli Babu, popularly known as Attica Babu, who has been involved in political activities and was reportedly preparing to contest a bypoll from the Hiriyur Assembly constituency.
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