Mumbai Police have unearthed a significant investment fraud scheme operating under the name 'AI Origin', also known as 'Digital Origin'. According to reports from NDTV, the Economic Intelligence Unit (EIU) of the Mumbai Police's Economic Offences Wing conducted the investigation that led to the discovery of this unregulated deposit scheme. The investigation has revealed that the scheme allegedly collected around ₹30 crore from investors through the names AI Origin and Digital Origin over the past year, promising 7-8% monthly returns to gullible investors.
The Mumbai Police Economic Offences Wing conducted a month-long undercover operation to expose this fraudulent scheme. As per Mumbai EOW, the company illegally accepted investments without obtaining any licence or registration from competent authorities like RBI and SEBI. The scheme allegedly operated through an MLM model, with people initially asked to pay ₹1,500 for membership and subsequently provided access to an application. The accused allegedly created an impression among investors that their money was being invested in businesses and projects such as BMC contracting, gaming applications and solar projects, however, investigators reportedly found no substantial evidence of these projects being promoted to investors.
The scheme allegedly operated through an MLM model, with the accused taking around 60 people to Thailand as part of their promotional activities. The police investigation revealed that the scheme was reportedly being operated not only in Maharashtra but also through a network in Goa and Karnataka. Four key accused individuals have been arrested in connection with the case, as reported by NDTV. The Mumbai Police Economic Offences Wing's Economic Intelligence Unit conducted raids at five locations and arrested Shrikrishna Pandurang Chavan, Ankush Shantaram Patil, Dr Sudesh Mohite and Subhash Pandhere. During the searches, police seized approximately ₹12 lakh in cash, a BMW car, a Verna car and seven laptops.
The police action came just as an office inauguration event was scheduled to be held in Satara, with the EIU intervening to arrest the accused before the event could take place. According to Mumbai EOW, police seized ₹12 lakh in cash, two cars, passbooks of nine bank accounts, and seven laptop/desktops during searches at offices in Ghatkopar, Goregaon, and Vasai. The accused had conducted several seminars and met people in various parts of the state, luring them with promises of high returns. The scheme allegedly involved ₹30 crore in total investments, with the accused posing as civic contractors keen to invest in gaming apps and cryptocurrency to convince investors.
