Mumbai: The Economic Intelligence Unit of the police Economic Offences Wing (EOW) is investigating a cheating case where more than 8,500 investors were assured monthly returns of 7%-8%. The Enforcement Directorate (ED), Surat, seized cash, foreign currency, and digital evidence while inquiring about the investment scheme. The city police, on its X handle, posted a message about the alleged fraud. The post read, “A widespread fraudulent network involving Ojasvi Foundation, Ojasvi AI, WinsorFX, and Nature Elements has been exposed for operating unauthorised forex trading and fake ‘AI return’ schemes, misleading more than 8,500 investors.”The Nov 29 post on X further stated, “Avoid unregulated platforms offering unrealistic returns and always verify investments with RBI/SEBI.”An EOW officer said that Pradeep Parihar, a Khar resident, lodged an FIR with the police in Oct. “Around 150 investors in and around Mumbai who invested a total of Rs 14 crore in the fake forex cheating case have approached us. The trustees of the Ojasvi Foundation charitable trust ran schemes under the names Ojasvi AI, Nature Elements, FX Gurukul, Ojasvi Paradise, Bliss New, and Al Chemist,” said the officer. “Seven trustees of the Ojasvi Foundation are accused in the case,” said the police.The investors were contacted through word of mouth and were asked to download the company’s app. “They could see their investment, profit, and other records in the app. The accused claimed that they were investing the investors’ money into the share market and foreign exchange. The investors were given different bank accounts to deposit money. They were mule and personal accounts of individuals,” said the officer.Police said that the accused conducted seminars for the investors about their schemes in Mira Road.The EOW is probing the case under various sections of the BNSS and Banning of Unregulated Deposit Schemes (BUDS) Act against Ojasvi Foundation and its affiliated entities, including Ojasvi AI, WinsorFX (a Dubai-based trading platform), and Nature Elements.The police’s X post further added, “Search operations by the Enforcement Directorate (ED) Surat have uncovered cash seizure worth Rs 1.33 crore, illegal foreign currency worth Rs 3 lakh, evidence of illegal forex (hawala) transactions exceeding 18 lakh USDT (a digital dollar-pegged currency) valued at approximately Rs 6-7 crore, and digital records related to illegal forex transactions.”The EOW has written to the ED seeking details about the raid and the records of investors and the bank accounts which were used in the crime.
