ED attaches Rs 61.5 lakh assets of accused in Ponzi scam case

PANAJI
Directorate of Enforcement (ED), Panaji Zonal Office has provisionally attached movable and immovable properties worth Rs 61.53 lakh approx belonging to Gohil Jaykumar and his associates in connection with the probe into fraudulent investment schemes.
The attachments comprising two residential flats, fixed deposit and equity shares have been carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the case titled M/s Ranggeeta Enterprises.
Details shared by the ED stated that their probe is based on an FIR and charge sheet filed by the Economic Offences Cell of the Goa Police against Jaykumar and others.
As per the case details, Jaykumar and his associates orchestrated fraudulent investment schemes, through which the public was defrauded of over Rs 9.33 Crore.
ED investigation revealed that Gohil 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 investor funds were collected directly into the personal bank accounts of Jaykumar and his agents.
“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. Further investigation is in progress.