India’s Enforcement Directorate (ED) has seized assets worth over Rs 61 lakh from a man accused of running a massive Ponzi scheme that cheated thousands of investors in Goa and Gujarat out of more than Rs 9.33 crore. The attachments include two flats, fixed deposits, and equity shares belonging to Gohil Jaykumar and his associates, as part of an ongoing money laundering probe under the Prevention of Money Laundering Act (PMLA), 2002.
The case targets Ranggeeta Enterprises, an unregistered firm Jaykumar used to lure people with promises of sky-high returns—up to 20 percent per month. Operating from offices in Goa and Gujarat, Jaykumar and his team collected cash directly into their personal bank accounts from over 2,500 unsuspecting investors. It all came crashing down in April-May 2022 when too many people tried to cash out at once, exposing the classic Ponzi scheme for what it was.
ED investigators found that the stolen money never went into any real business. Instead, Jaykumar and his partners splurged on luxury properties, personal investments, flashy lifestyles, and other expenses. Back in July 2022, Goa Police had already nabbed Jaykumar’s laptop and uncovered assets worth Rs 86 lakh, including real estate valued at Rs 75 lakh and gold jewelry over Rs 11 lakh.
The scam first hit the radar after Goa Police’s Economic Offences Cell filed an FIR against Jaykumar and others under various sections of the Indian Penal Code (IPC). Police also revealed that the accused once made extra cash by buying out-of-circulation old currency notes and selling them at a premium during high-demand periods.
This latest ED action aims to crack down on fraudulent investment schemes that prey on everyday people, ensuring criminals can’t enjoy the fruits of their crimes.
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