Panaji, Oct 3 (IANS) The ED attached two flats, FDs and equity shares worth Rs 61.53 lakh in fresh action linked to a fraudulent investment scheme floated by conmen to dupe thousands of Goa and Gujarat investors of over Rs 9.33 crore, an official said.

The assets belonging to Gohil Jaykumar and other associated persons were seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a case registered against Ranggeeta Enterprises, the official said in a statement.

The Enforcement Directorate (ED) initiated the investigation in the case following the registration of an FIR by the Economic Offences Cell, Goa Police, against Jaykumar and others, under various Sections of the IPC, 1860.

As per the FIR and the charge sheet, Jaykumar and his associates orchestrated fraudulent investment schemes, through which the public was defrauded of over Rs 9.33 crore.

The ED investigation revealed that Jaykumar, operating through the unregistered entity M/s Ranggeeta Enterprises, having various offices in Goa and Gujarat, solicited public investments by promising exorbitant and unrealistic returns up to 20 per cent per month, the statement said.

The investor funds were collected directly into the personal bank accounts of Jaykumar and his agents from more than 2,500 unsuspecting investors.

The scheme functioned as a Ponzi structure and subsequently collapsed in April-May 2022, when the outflow of withdrawals exceeded fresh inflows.

It has been established that the Proceeds of Crime (POC) were not deployed into any legitimate business and were misappropriated for personal enrichment, including immovable properties purchase, personal investments, financing an extravagant lifestyle and meeting other personal expenses, the ED said.

In July 2022, the Goa Police claimed that it had seized Jaykumar’s laptop and recovered details of assets amounting to Rs 86 lakh. These assets included properties worth Rs 75 lakh and gold ornaments of over Rs 11 lakh.

The police claimed that the accused, at one point in time, used to purchase old currency notes out of circulation and sell them at a premium when there was high demand for the notes.

–IANS

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