GUWAHATI: The Central Bureau of Investigation (CBI) on Friday, February 7, filed its final chargesheet before the Special CBI Court in Guwahati against Gopal Paul, the alleged mastermind behind the M/s. AJRS Ponzi scam in Assam.
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The chargesheet was submitted within 90 days of his arrest, while he remains in judicial custody for the time being.
The case was initially registered at Dispur Police Station, Guwahati, on August 12, 2024, before being handed over to the CBI on October 14, 2024, following a request from the Assam government. The complaint alleged that M/s. AJRS Marketing Pvt. Ltd., led by Gopal Paul, operated illegal trading activities without necessary approvals from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India.
The scam surfaced amid rising concerns over fraudulent trading apps and Ponzi schemes in Assam, where multiple entities lured investors with promises of high returns, resulting in financial losses amounting to crores of rupees.
Upon further investigation, it was revealed that Gopal Paul, along with co-accused Biswanath Roy and Mridul Dutta, orchestrated a Ponzi scheme to fraudulently collect funds from investors. They floated multiple firms, including M/s. AJRS Marketing Pvt. Ltd., M/s. AJRS Management Securities (OPC) Pvt. Ltd., and GSPAUL Marketing LLP.
These companies operated under brand names such as AyurvedLife and AJRSTrading, falsely claiming to trade Ayurvedic health care products like oils, creams, and aloe vera-based items. However, the probe established that no such business activities existed, and the firms were solely engaged in misleading deposit collection.
To attract investors, the accused also used websites such as www.ayurvedlife.org and www.ayurvedlife.in. The total amount misappropriated by the accused and his associates has been estimated at approximately ₹5.14 crores.
After siphoning off investor funds, Gopal Paul went into hiding but was arrested by the CBI from Siliguri, West Bengal, on November 12, 2024.