The Economic Offences Wing (EOW) of the Mumbai Police is conducting a major investigation into a sophisticated cheating case that has allegedly defrauded over 8,500 investors. The scam, orchestrated through entities like Ojasvi Foundation, promised unrealistic monthly returns of 7% to 8% through unauthorized forex trading and fake artificial intelligence (AI) schemes.
The Anatomy of the Fraud
The case came to light after Pradeep Parihar, a resident of Khar, filed a First Information Report (FIR) in October. According to an EOW officer, approximately 150 investors from Mumbai and its surrounding areas have come forward, reporting a collective loss of around Rs 14 crore. The operation was run by the trustees of the Ojasvi Foundation charitable trust under various brand names including Ojasvi AI, Nature Elements, FX Gurukul, Ojasvi Paradise, Bliss New, and Al Chemist.
Seven trustees of the Ojasvi Foundation have been named as accused in this sprawling case. The police revealed that investors were primarily recruited through word-of-mouth referrals. They were then instructed to download the company's proprietary mobile application, where they could ostensibly track their investments, profits, and transaction history in real-time.
The accused falsely claimed to be investing the pooled funds in the stock market and foreign exchange (forex). To collect money, they provided investors with various bank accounts for deposits. "They were mule and personal accounts of individuals," the EOW officer stated, highlighting the deliberate attempt to obscure the money trail. The accused also held seminars in Mira Road to promote their schemes and lure more victims.
Enforcement Directorate's Crucial Seizures
In a parallel development, the Enforcement Directorate (ED) in Surat carried out searches as part of its inquiry into the investment scheme. The raids led to significant seizures, uncovering substantial evidence of illicit financial activities.
The ED's operation resulted in the confiscation of cash worth Rs 1.33 crore and illegal foreign currency valued at Rs 3 lakh. More critically, investigators found digital evidence of illegal forex transactions, specifically hawala transactions exceeding 18 lakh USDT. USDT, or Tether, is a cryptocurrency pegged to the US dollar. This digital evidence is estimated to be worth approximately Rs 6 to 7 crore.
Investigation and Public Warning
The Mumbai Police's EOW is probing the case under relevant sections of the Bharatiya Nagarik Suraksha Sanhita (BNSS) and the Banning of Unregulated Deposit Schemes (BUDS) Act. The entities under scrutiny include Ojasvi Foundation, Ojasvi AI, WinsorFX (a Dubai-based trading platform), and Nature Elements.
In light of this fraud, the EOW has reached out to the ED, seeking detailed information from their raid, including comprehensive records of the investors and the bank accounts used in the criminal activity.
The city police took to social media platform X (formerly Twitter) on November 29 to alert the public. Their post exposed the "widespread fraudulent network" and cautioned citizens against such schemes. The post emphatically advised, "Avoid unregulated platforms offering unrealistic returns and always verify investments with RBI/SEBI." This warning serves as a crucial reminder for investors to exercise extreme diligence and rely only on regulators like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) before committing their funds.
