In connection with a case involving illicit forex trading, the Enforcement Directorate (ED) announced on Friday that it had searched ten sites in Surat, Gujarat, including the offices of Ojasvi Foundation, Ojasvi AI, and other linked individuals or businesses.
The Foreign Exchange Management Act (FEMA), 1999 was the legal basis for the action, which was filed after the searches on November 7 and 8, 1999.
According to the investigation agency, Ojasvi Foundation engaged in illegal (speculative) currency trading on a Dubai-based trading platform called Winsor Fx, with a significant amount of trade conducted via the Ojasvi AI platform.
It was found that the Ojasvi Foundation operates a variety of businesses, including real estate, dining establishments, lodging facilities, yachts, and other AI platforms.
The investigation team added that Ojasvi Foundation used multi-level marketing programmes to entice over 8,500 individuals to participate in their forex trading system in exchange for additional rewards.
The results of the search operations showed that money over Rs 150 crore had been transferred through Hawala for the purpose of engaging in illegal foreign exchange trading, which is prohibited by Section 3 of the FEMA, 1999.
The investigation agency found evidence of illegal forex transactions worth over 8 lakh USDT (digital currency based on block chain technology, comparable to cryptocurrency, pegged to the US dollar at a 1:1 ratio), or approximately Rs 6.7 crore, as well as several incriminating documents and digital records pertaining to illegal forex transactions during the search operations. The probe agency also seized foreign currencies worth more than Rs 3 lakhs and Rs 1.33 crores.
There are currently ongoing search operations.
Post Your Comments