To investigate M/s. Ojasvi Foundation, M/s. Ojasvi AI, and other related individuals or companies under the Foreign Exchange Management Act, 1999 [FEMA], the Directorate of Enforcement (ED) conducted search operations at ten sites in Surat, Gujarat on November 7, 2023, and November 8, 2023.
With its registered office in Surat, M/s Ojasvi Foundation engages in illicit (speculative) forex trading using the Winsor Fx trading platform, a Dubai-based trading platform. Ojasvi AI is the platform used for a significant portion of this trading activity. It was discovered that M/s Ojasvi Foundation operated a number of enterprises, including restaurants, hotels, yachts, real estate, and other AI platforms.
M/s Ojasvi Foundation entices over 8500 people to engage in their forex trading system under the MLM scheme in exchange for further advantages. This is unlawful speculative trading in foreign exchange. According to search operations, more than Rs. 150 crore in monies have been sent through Hawala for the purpose of engaging in unlawful foreign exchange trading, which is prohibited by Section 3 of the FEMA, 1999.
Cash seizures totalling INR 1.33 crores were made during the search operations, along with foreign currencies worth more than INR 3 lakhs and evidence of illegal forex transactions (known as hawala) worth more than 8 lakh USDT (a digital currency based on blockchain technology that is pegged to the US dollar at a 1:1 ratio), or roughly INR 6.7 crore. Various incriminating documents and digital records pertaining to these transactions have also been recovered and seized. There are currently ongoing search operations.
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