The North Goa Special PMLA Court has ordered the framing of money-laundering charges against two prime accused, Krishan Kumar and his wife Rashmi, along with three associated companies, in connection with an alleged multi-level marketing (MLM) fraud involving approximately ₹3 crore. The court held that a prima facie case exists under the Prevention of Money Laundering Act (PMLA).

The accused named in the complaint include Krishan Kumar (also known as Vijay Kumar Jaiswal or Vijay Kishan Jaiswal), his wife Rashmi (alias Rashmi Jaiswal), and three corporate entities allegedly directed by them: Yudivo Marketing Private Limited, Yudivo Lifecare Private Limited, and Yudivo Property & Profits Private Limited. Both Kumar and Rashmi are currently lodged in District Jail Kasna, Gautam Buddha Nagar, Uttar Pradesh.

The Goa Enforcement Directorate (ED) initiated the case on the basis of an earlier FIR registered by the Economic Offences Cell (EOC) of the Goa Police. The original police case invoked provisions of the Indian Penal Code, along with the Goa Protection of Interest of Depositors Act and the Prize Chit and Money Circulation Schemes (Banning) Act.

According to the ED, the accused floated three MLM companies operating from offices in New Delhi, Noida, and Fatorda in Margao, Goa. The agency submitted that the companies had no legitimate business operations and were never registered as Non-Banking Financial Companies (NBFCs) with either the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI).

Investigators alleged that the accused lured prospective investors through aggressive advertising, social-media campaigns, and seminars, promising high returns and sponsored vacations. To create false confidence, modest payouts were initially credited for approximately four months before all disbursements ceased. When depositors demanded the return of their money, the accused allegedly threatened them with dire consequences. The ED estimated the total proceeds of crime generated through the alleged racket at approximately ₹3 crore. The agency also noted that the Uttar Pradesh Police had previously filed charge sheets against the duo, describing them as habitual offenders.

The defence counsel contended that the ED’s complaint failed to establish the foundational ingredients required under the PMLA, as no causal link had been demonstrated between the alleged predicate offences and the properties attached. The defence characterized the allegations as sweeping generalizations, devoid of specific overt acts demonstrating money laundering.

However, the court rejected these contentions, holding that documentary evidence and witness statements recorded under the PMLA demonstrated a clear nexus between the registered predicate offences, the creation of shell entities, and the generation of illicit funds. Noting that a charge sheet in the predicate case was already pending before the court, the court directed all the accused to appear and plead to the charges.