New Delhi [India], November 10 : The Directorate of Enforcement (ED) conducted search operations against Ojasvi Foundation, Ojasvi AI and other "connected persons or entities" earlier this week at 10 locations in Gujarat's Surat as part of the investigation under the Foreign Exchange Management Act, 1999.
In a release Friday, the central enforcement agency said the Ojasvi Foundation, having its registered address at Surat, is involved in illegal (speculative) forex trading on a trading platform based in Dubai that goes by the name of Winsor Fx.
The ED further alleged that a huge volume of forex trading is done through platform Ojasvi AI.
"It was found that M/s Ojasvi Foundation have multiple businesses in the form of real estate, restaurant, hotels, yacht and other AI platform etc," ED stated in the release.
"Ojasvi Foundation conducts illegal speculative trading in foreign exchange and has lured over 8,500 individuals to invest in their scheme of forex trading system under MLM Scheme for more benefits. Search operations has 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," ED noted.
During the search operations, cash seizures of Rs 1.33 crores, foreign currencies worth more than Rs 3 lakhs, evidences relating to illegal forex transactions (Hawala) worth more than eight lakh USDT (digital currency working on blockchain technology, similar to crypto-currency), equivalent to Rs 6.7 crore approx, various incriminating documents and digital records relating to illegal forex transactions were recovered and seized so far, the ED said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor