A major financial fraud has been uncovered in Mumbai’s Khar West, where a so-called charitable organization allegedly cheated more than 150 investors across India of nearly ₹14 crore through a fake forex trading scheme. The scam came to light after a complaint was filed on October 8 by Pradeep Indarchand Parihar (34), a chemist from Khar, who alleged that Ojasvi Foundation Charitable Trust and its affiliate Ojasvi AI duped him of ₹1.01 crore by promising monthly returns of 7–8%.
Investors Lured with Promises of High Returns
Following Parihar’s complaint, a police probe revealed that the same scheme had deceived investors nationwide, amassing over ₹14 crore. The Khar Police registered an FIR against ten accused Sagar Odhavji Sojitra, Dhaval Sojitra, Mayur Sojija, Ruchit Vaikaria, Jaydeep Nariya, Diveshkumar Satani, Nishant Koladia, Rajesh Goyal, Narayan, and Mahendra Kumawat. The case has now been handed over to the Economic Offences Wing (EOW) for further investigation.
Grand Event Used to Build Credibility
According to police sources, complainant Parihar, who runs a medical store, met the trustees of Ojasvi Foundation in December 2022 during a grand corporate event at GCC Club, Mira Road. The trustees claimed the trust invested in forex platforms such as Winsor FX and Winzo, allegedly using AI-based trading tools to generate high profits.
To gain investors’ confidence, they showcased supposed success stories and offered luxury gifts, including foreign tours and smartphones. Convinced by their claims, Parihar initially invested ₹4 lakh and received a return of ₹18,407 within two months. Encouraged, he invested a total of ₹1.01 crore through multiple company accounts, including Aubeen Enterprises, Quickthink Corporation, and Airborne Innovation.
Returns Stopped, Excuses Followed
By October 2023, the promised returns stopped. When questioned, the trust’s representatives made excuses, citing office relocation and system issues. Soon after, in November 2023, the Enforcement Directorate (ED) raided the offices of Ojasvi Foundation and Ojasvi AI, discovering that the trust was illegally channeling funds into unauthorized forex trading platforms.
EOW Investigating Nationwide Fraud
Investigations revealed that the trust and its trustees collected funds from more than 150 investors across India, promising high returns but failing to return either profits or principal amounts. The Mumbai Police’s EOW has launched a detailed investigation into the bank accounts, financial transactions, and agents linked to the accused trustees. Authorities have urged citizens to remain cautious and avoid investing in schemes offering unusually high returns under the guise of charitable or social initiatives.
