The Economic Offences Wing (EOW) of Mumbai is investigating an alleged Ponzi scheme and has reached out to 700 investors, urging them to file complaints. In mid-August, authorities arrested four individuals accused of defrauding investors by promising returns of 7-8% per month. The total amount involved in the fraud has now surpassed Rs 57 crore, according to police reports.
The accused had taken 60 people to Thailand and convinced them to work in this scheme. The accused had bought 25 acre of land plots for selling it to investors. Police have seized Rs 12 lakh, two vehicles, nine bank accounts and seven laptops/desktops.
They illegally accepted investments without obtaining any licence / registration from competent authorities like RBI and SEBI, said police. They posed as civic contractors, investors in gaming apps and cryptocurrency, said police. We have written to the concerned authorities asking them to initiate the process to attach these lands,” said police.
The accused allegedly ran a company, AI Origin / Digital Origin. Police arrested the company’s chairperson and executive director, Shrikrishna Chavan, executive director Ankush Parte, an agent Dr Sudesh Mohite and another director Subhash Pandere. All four accused are currently in Arthur Road jail. The Ponzi scheme came to light after the economic intelligence unit of the EOW carried out an undercover operation. “Many other agents were taken to hotels and resorts in New Delhi, Goa and Manali where they conducted meetings, brainstorming to bring more investors.