Mumbai EOW arrests four in alleged Rs 30-crore Origin AI Ponzi, MLM scam

The Mumbai Economic Offences Wing team with the arrested accused (hooded). Pic/By Special Arrangement

The Mumbai Economic Offences Wing (EOW) has arrested four men for allegedly operating a Rs 30-crore ponzi and multi-level marketing (MLM) scam under the banner of Origin AI, which was promoted to the public as a highly lucrative advertising scheme promising huge returns.

To win over investors, the accused allegedly posed as Brihanmumbai Municipal Corporation (BMC) contractors, cryptocurrency experts and government project partners. They allegedly built trust through grand promotional seminars and by taking 60 investors on a trip to Thailand to project the image of a thriving business.

The firm allegedly collected money from investors across Mumbai and Maharashtra, leveraging seminars to recruit victims and encouraging existing investors to bring in more people.

The EOW officials said that offices were either functioning or proposed in places including Thane, Palghar, Pimpri-Chinchwad, Sangli, Satara, Kolhapur and Solapur, while the company's network was also allegedly being extended to Karnataka and Goa.

Four arrested

>> Krishna Pandurang Chavan, chairman and executive director
>> Ankush Shantaram Patil, executive director
>> Dr Sudesh Mohite, an agent
>> Subhash Yashwant Pandere, director

Assets seized

During searches at the company's offices and premises linked to the accused, the EOW seized around R12 lakh in cash, bank passbooks, laptops, desktops, and two cars - a BMW and a Hyundai Verna.

Official Speak

An EOW official
"Chavan, Patil, and Mohite were arrested on August 13, while Pandere was arrested on August 14. A case has been registered under provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, along with relevant sections of the Bharatiya Nyaya Sanhita. The agency is tracing the money trail and examining the entire investor network to ascertain the actual amount collected and identify others involved in the alleged racket."

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