Mumbai Police have unearthed an investment fraud scheme operating under the name “AI Origin”, also known as “Digital Origin”, and arrested four key accused in connection with the case, NDTV reported.
According to the report, the Economic Intelligence Unit (EIU) of the Mumbai Police's Economic Offences Wing found that the promoters allegedly attracted investors through the company's website, WhatsApp groups and seminars across Maharashtra, promising high, guaranteed short-term returns and additional commissions for referrals.
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The investigation found that the firm was allegedly accepting deposits without the mandatory licences or approvals from regulatory authorities, including the Reserve Bank of India and the Securities and Exchange Board of India.
Police said the group had collected more than Rs 30 crore through cash and bank transactions from investors in Mumbai, Thane, Palghar, Pimpri-Chinchwad, Sangli, Satara, Kolhapur and Solapur.
The accused were also allegedly trying to expand the operation to Karnataka and Goa.
A criminal case was registered at Pantnagar Police Station on August 12 under relevant provisions of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act, 2019.
Police arrested company chairman Shrikrishna Pandurang Chavan, managing director Ankush Shantaram Parte, director Subhash Yashwant Pandere and agent Dr Sudesh Mohite between August 13 and 14.
During searches at premises in Vasai, Goregaon and Malad, investigators seized Rs 12.08 lakh in cash, nine bank passbooks, seven laptops and desktop computers, and a BMW car.
The investigation into the alleged fraud and the company's financial transactions is underway.
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