Assam fraud case; ED Attaches ₹15.25 Crore Assets in Gomillions LLP Money Laundering Case, Know How Scam worked

The ED action comes after an investigation into allegations that the company was running an unregulated deposit collection scheme by attracting people with promises of unusually high returns.

How the Alleged Fraud Marketing Scheme Worked

According to the investigation, the company allegedly used a multi-level marketing (MLM) style model to attract investors. People were encouraged to invest money after being promised fixed and guaranteed profits.

The accused allegedly operated a scheme that promised investors a regular income through the company's investment model, enticing them with guaranteed daily returns of 0.85% and the prospect of doubling their money within approximately six months.

Such promises of quick and guaranteed returns attracted thousands of people. However, financial experts often warn that schemes offering unusually high fixed returns without proper regulatory approval can be a sign of a potential investment scam.

Investors Lured Through High Returns

The ED investigation alleges that promoters Rishiraj Gogoi and Joy Modak, along with their associates, operated a marketing agency named Tradebull and collected money from the public without obtaining necessary approvals from regulatory authorities.

During the probe, investigators recovered data of more than 25,410 investors from the company's server. The agency estimates that the company has outstanding liabilities of around ₹34.93 crore towards investors.

How the Money Was Allegedly Moved

The ED alleges that approximately ₹63.41 crore was deposited into the main bank accounts of Gomillions LLP. The funds were allegedly transferred through connected entities, including Rightway Infocom Private Limited, Carely Solutions Private Limited, and Lotus Corporation.

According to the agency, the money was later moved into the personal accounts of the promoters and their family members, raising allegations of money laundering.

ED Attaches Assets

As part of its investigation, the ED has attached assets worth ₹15.25 crore. These include luxury cars, bank deposits, fixed deposits, and investment accounts. The investigation into the alleged scam and the flow of funds is still underway.