The Mumbai Economic Offences Wing has sent letters to 700 investors asking them to lodge complaints as it investigates an alleged Ponzi scheme linked to AI Origin and Digital Origin, with the suspected fraud amount crossing Rs 57 crore, police said.
The investigation followed an undercover operation by the EOW’s economic intelligence unit. Police allege that the accused collected money from investors by promising monthly returns of 7% to 8% and accepted investments without obtaining licences or registrations from competent authorities such as the Reserve Bank of India and the Securities and Exchange Board of India.
Four people have been arrested in the case: company chairperson and executive director Shrikrishna Chavan, executive director Ankush Parte, agent Dr Sudesh Mohite and director Subhash Pandere. All four are currently lodged in Arthur Road jail, according to the report.
Police said the accused allegedly presented themselves in different roles, including civic contractors, gaming-app investors and cryptocurrency investors, while soliciting funds. The investigation also found that 60 people had been taken to Thailand and allegedly persuaded to work in the scheme, police said.
The police account further alleges that agents were taken to hotels and resorts in New Delhi, Goa and Manali for meetings and brainstorming sessions aimed at bringing in more investors. The accused had also allegedly purchased 25 acres of land for sale to investors.
The EOW has written to the concerned authorities seeking action to begin the process of attaching the land, police said. Investigators have seized Rs 12 lakh, two vehicles, nine bank accounts and seven laptops or desktop computers as part of the probe.
The letters sent to 700 investors are intended to encourage them to formally register complaints with the investigating agency. The reported amount involved could therefore be subject to further change as additional investors and claims are identified during the investigation. The case remains an allegation, and the arrested individuals will have the opportunity to contest the charges in court.
