The Enforcement Directorate (ED) has attached assets worth approximately ₹15.25 crore in a money laundering case linked to alleged unauthorised deposit collection and a multi-level marketing operation in Assam. The action includes a Porsche, a Mercedes-Benz, bank balances, fixed deposits and a stock market trading account. The case is linked to GoMillions LLP, which has been accused of allegedly collecting money from the public without the required regulatory authorisation and promising unusually high returns on investments.
The ED initiated its investigation based on an FIR registered by the Anti-Corruption Branch of the Central Bureau of Investigation (CBI) in Guwahati. The agency is now examining the source of the alleged proceeds of crime, their movement through various connected entities and their subsequent investment in high-value assets.
The investigation has focused on company promoters Rishiraj Gogoi, Joy Modak and their associates. The accused allegedly operated a marketing agency under the name ‘TradeBull’ and collected money from investors. According to the allegations, investors were promised fixed returns of up to 0.85 per cent per day and assured that their investments would double in approximately six months.
According to the investigating agency, the activity was allegedly carried out without registration or authorisation from any regulator to accept public deposits. The ED is therefore examining the amount collected from investors, the manner in which the funds were transferred between different accounts and the financial benefits allegedly received by those connected with the scheme.
During the investigation, data relating to more than 25,410 unique investor identities was reportedly found on the server of GoMillions LLP. The agency has assessed the total payment liability towards these investors at approximately ₹34.93 crore. The data is being examined to determine the scale of the alleged operation and the amounts reportedly owed to investors.
The ED has also stated that approximately ₹63.41 crore was credited into the principal bank accounts of GoMillions LLP. The agency suspects that the alleged proceeds of crime were not used directly but were routed through multiple connected entities in an attempt to layer the transactions.
Investigators have examined transactions involving Rightway Infocom Pvt. Ltd., Carely Solutions Pvt. Ltd. and Lotus Corporation. The agency alleges that funds were moved through these entities before being transferred into the personal bank accounts of the promoters and their family members.
A key part of the investigation is to establish the actual purpose of transactions between the connected companies and determine whether the entities were allegedly used to conceal, layer or project the suspected proceeds of crime as legitimate funds.
The ED has also alleged that the suspected proceeds were subsequently invested in high-value assets. The Porsche and Mercedes-Benz are among the luxury vehicles identified during the investigation. The agency has also attached or examined investments held through a stock market trading account and fixed deposits as part of its action.
Officials said unaccounted cash was also recovered during the investigation into the scheduled offence. The ED is examining the source of the cash and other financial resources and is matching them with the records of the alleged investment operation.
The agency is also trying to determine how much of the money collected from investors was used for genuine business activities and how much was allegedly diverted for personal benefit, luxury purchases or investments.
Further investigation in the case is underway. The ED is examining bank accounts, corporate financial records, investor data, stock market transactions and financial dealings involving the promoters and their associates. Investigators are also tracing the movement of the suspected proceeds to identify their final beneficiaries.
The probe may also establish the role of other individuals and entities allegedly connected with the operation. Further action will depend on the evidence gathered during the ongoing investigation.
