Searches at 21 locations linked to Aarudhra Gold Trading Pvt. Ltd.; cash, property papers and digital evidence seized, over 1 lakh investors duped.
Chennai — In a major enforcement action against financial fraud, the Enforcement Directorate (ED) on Wednesday carried out search operations at 21 locations in Chennai, Kancheepuram, Mumbai and Kolkata. The operations were conducted under the Prevention of Money Laundering Act (PMLA), 2002 as part of an ongoing investigation into a large-scale Ponzi/investment scam allegedly run by Aarudhra Gold Trading Pvt. Ltd. (AGTPL) and its directors and associates.
According to ED, the company lured the public with deceptive high-return schemes under the guise of gold trading and investment plans, collecting massive sums in violation of regulated norms.
How the Fraud Worked: Exorbitant Returns Promised
The probe stems from an FIR filed by the Economic Offences Wing (EOW), Chennai, accusing AGTPL and its network of agents of mobilising public deposits on false promises such as:
- 10% to 30% monthly returns
- Monthly payouts
- Gold coins as incentives
- 2% referral commissions up to ₹5 lakh
As per the EOW charge sheet (CC No. 09/2023):
- 1,04,433 investors were affected
- Claims of over ₹2,438 crore have been filed
- ₹1,404 crore is estimated as the defaulted amount
The prime accused, identified as V. Rajasekhar, and his wife are still on the run, evading law enforcement.
Suspicious Fund Flow: ₹2,000 Crore Movement Detected
During the PMLA financial analysis, ED uncovered heavy circulation of funds through multiple linked bank accounts.
Key Financial Findings Details
- Total bank transactions traced approximately. ₹2,000 crore
- High-value debit transactions (>₹10 lakh) 1,230
- Value of high-value debits ₹1,060 crore
Scrutiny revealed:
- Circular transfer of funds within AGTPL-controlled accounts
- Diversion of public deposits for non-business and personal usage
- Evidence of extensive layering and fake entries
Statements of multiple individuals who executed these high-value transactions have exposed deeper fund diversion channels.
Dummy Directors and Front Agents Identified
One of the disturbing revelations during searches was that several individuals listed as “Directors” were merely name-lenders:
- Many were menial job workers
- They had no role in business decisions
- They were unaware of the financial operations of AGTPL
This indicates that real control remained with key conspirators who structured the company to hide liabilities and facilitate fraud.
What the Searches Yielded
ED recovered and seized:
- ₹22 lakh in cash
- Property documents worth over ₹1.50 crore
- Digital devices and financial records
- Documents linked to shell entities
Officials state that the evidence points towards careful planning to conceal assets acquired from defrauded investors.
A Cautionary Tale for the Public and the System
The scam highlights how greed-driven investment schemes continue to exploit financially vulnerable populations. Experts warn that:
- Unregulated deposit schemes remain a high-risk trap
- Expansion through digital marketing enables rapid outreach
- Stronger financial awareness and regulation compliance is urgently required
Authorities have reiterated the importance of verifying:
- The regulatory status of firms
- Mandatory approvals from RBI/SEBI
- Credibility of promises before investing
What’s Next?
ED has confirmed that:
“Further investigation is underway and attachment of properties is likely to follow.”
The agency has urged victims and citizens to report suspicious schemes promptly to legal authorities.
Conclusion
The Aarudhra Gold Trading scam is a stark reminder that fraudulent financial networks are evolving fast, often staying ahead of regulatory vigilance. While the crackdown marks a strong step against organised white-collar crime, lasting safety will depend on a mix of public awareness, compliance oversight, and swift enforcement.
