Probe agency Enforcement Directorate raids locations Surat case related to

The Enforcement Directorate (ED) on Friday said it carried out searches at 10 locations in Gujarat’s Surat at the premises of Ojasvi Foundation and Ojasvi AI and other connected persons/entities in connection with a case related to illegal forex trading.

The searches were conducted on November 7 and 8 and the case was lodged under the Foreign Exchange Management Act (FEMA), 1999.

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The probe agency said Ojasvi Foundation had been involved in illegal (speculative) forex trading on a trading platform based in Dubai by the name of Winsor Fx and a huge volume of forex trading was done through the platform Ojasvi AI.

It was found that Ojasvi Foundation carries out multiple businesses in the form of real estate, restaurants, hotels, yachts and other AI platforms etc.

The probe agency further said that Ojasvi Foundation lured over 8,500 people to invest in their scheme of forex trading system under multi-level marketing schemes for more benefits.

The search operations revealed that funds to the tune of more than Rs 150 crore have been transacted through Hawala for the purpose of illegal forex trading abroad, which is a contravention under Section 3 of FEMA, 1999.

During the search operations, the probe agency seized Rs 1.33 crores, foreign currencies worth more than Rs 3 lakhs, evidence relating to illegal forex transactions worth more than 8 lakh USDT (Digital currency working on block chain technology, similar to crypto-currency, pegged to the US dollar at a 1:1 ratio) equivalent to around Rs 6.7 crore, and several incriminating documents/digital records relating to illegal forex transactions.

Further search proceedings are underway.