Abstract：In a major revelation, the Economic Intelligence Unit of the Police Economic Offices Wing (EOW) is overseeing a cheating case where around 8,500 people were scammed in the name of 7-8% monthly return promises from forex and stock investments. While inquiring about the investment scheme, the Enforcement Directorate (ED), Surat, confiscated illegal cash worth INR 1.33 crore, foreign currency worth INR 3 lakh, and digital proof related to fraudulent transactions.
In a major revelation, the Economic Intelligence Unit of the Police Economic Offices Wing (EOW) is overseeing a cheating case where around 8,500 people were scammed in the name of 7-8% monthly return promises from forex and stock investments. While inquiring about the investment scheme, the Enforcement Directorate (ED), Surat, confiscated illegal cash worth INR 1.33 crore, foreign currency worth INR 3 lakh, and digital proof related to fraudulent transactions.
Around 150 Mumbai-based Investors Approach EOW with Trading Fraud Complaint
An EOW officer announced that as many as 150 investors around Mumbai approached the authority in the forex cheating case. Together, these investors have reportedly invested INR 14 crore, the officer stated. The officer further revealed that the Ojasvi Foundations trustees ran schemes under Ojasvi AI, FX Gurukul, Nature Elements, Bliss New, Ojasvi Paradise, and AI Chemist.
Explore How Unauthorized Forex Trading and Fake AI Return Schemes Duped 8,500 People
A fraudulent network involving several enterprises, such as Ojasvi Foundation, Ojasvi AI, Nature Elements and Winsor FX, is learnt to be operating unauthorized forex trading and fake AI return schemes, duping more than 8,500 people, as revealed by the Surat Police through a post on X. The post further cautioned by urging people to avoid unregulated platforms offering unrealistic returns and to validate investments with the RBI/SEBI.
What Did the Accused Say to Investors?
The accused contacted investors through word of mouth and asked them to download the trading app, where they could find their investment, profit and other records. The accused told investors that they were investing their funds in the share market and foreign exchange. Different bank accounts were provided to investors to deposit funds. The officer claimed that these were mule and personal accounts of the culprits.
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