Mumbai police’s economic offences wing (EOW) has uncovered two major financial frauds that show how sophisticated networks are targeting unsuspecting investors — from first-time traders to senior citizens who have inherited assets.
In one of the cases, the EOW’s economic intelligence unit (EIU) busted a large unauthorised forex and so-called ‘artificial intelligence (AI) returns’ racket run by entities such as Ojasvi Foundation, Ojasvi AI, WinsorFX and Nature Elements. Together, these firms allegedly misled more than 8,500 investors. During search operations, officials seized ₹1.33 crore in cash, ₹3 lakh in foreign currency and digital evidence of illegal hawala transactions involving more than 18 lakh USDT (a digital currency pegged to the US dollar), valued at around ₹6 crore – ₹7 crore. Investigators also recovered a large volume of digital records linked to unregulated forex dealings.
In a separate case, a shocking trading fraud left a 72-year-old Mumbai resident poorer by ₹35 crore after Globe Capital Market Ltd, a brokerage, allegedly carried out unauthorised trading in his and his wife’s demat accounts for nearly four years, says
a report from NDTV. The senior citizen was repeatedly shown fake annual profit statements while his accounts were being drained through circular trades, margin calls and unauthorised sales of shares. The scam finally surfaced when the company’s risk department contacted him about a sudden ₹35 crore debit balance. A first information report (FIR) has been filed and the case has now been handed over to the EOW for investigation, the report says.
Both cases highlight a growing and worrying trend in financial fraud: criminals are increasingly posing as trusted advisers to gain access to individuals' money. These fraudsters carefully study how genuine bank representatives, investment managers or financial consultants speak and behave. They then use this understanding to build convincing identities, complete with professional language, official-looking documents and digital tools that resemble real financial platforms. By presenting themselves as experts, they lower the victim’s guard and make people believe they are dealing with legitimate professionals who have their best interests at heart.
Technology plays a major role in enabling this deception. Criminals use spoofed phone numbers, cloned websites, altered screenshots and remote-access apps to create the impression of authenticity. In many cases, victims end up sharing sensitive information themselves, believing it is part of a routine financial process, or unknowingly give scammers full access to their devices. Once that access is granted, the fraudster can monitor accounts, make transactions or even lock the victim out, all while continuing to pose as a helpful financial adviser.
What makes this trend especially dangerous is the combination of emotional manipulation and digital sophistication. Victims are often pressured to act quickly, leaving little time for verification or a second opinion. The scammer’s confidence and apparent expertise create a false sense of security.
As these methods become more advanced, the line between genuine financial advice and organised digital fraud is becoming harder for ordinary people to recognise — making vigilance and independent verification more important than ever.
How To Protect Yourself from Investment, Forex and Trading Frauds
1. Verify before You Invest — Every Single Time
• Always check whether the platform, broker or investment scheme is registered with the Securities and Exchange Board of India (SEBI) or Reserve Bank of India (RBI).
• Cross-verify registration numbers on official government websites — never rely on links shared through WhatsApp, Telegram or email.
• Avoid any scheme promising ‘AI-powered guaranteed returns’, ‘risk-free earnings’ or unusually high profits. Such claims are illegal and should be treated as warning signs.
2. Never Share Account Access or OTPs
• No genuine broker, adviser or financial platform will ever ask for your one-time passcodes (OTPs), login IDs, demat passwords or access to your email or SMS.
• If anyone—no matter how professional they sound—asks for these details, stop immediately. This is a clear red flag for an account-takeover scam.
3. Do Not Allow Any ‘Personal Guide’ or Broker To Operate Your Account
• A SEBI-registered broker cannot legally trade using your credentials without your explicit consent.
• Be cautious of anyone offering to ‘personally guide’ you or manage your account on your behalf.
• Reject requests for:
• Screen-sharing
• Remote control software
• Home visits to 'help' you place trades
• You should always place trades yourself. Do not allow intermediaries to operate your phone, laptop or trading account.
4. Always Download Statements from Official Websites
• Scam brokers often send fake ‘profit statements’ through email or WhatsApp to create a false sense of security.
• Always verify your:
o Ledger
o Contract notes
o Demat holding statements
o Margin reports
• Download these directly from official portals of NSE, BSE or CDSL and NSDL — not from forwarded PDFs or links shared by intermediaries.
5. Beware of Guaranteed or Unrealistic Returns
• Be extremely cautious of claims such as ‘20% monthly returns’, ‘AI-powered profits’ or ‘zero-loss trading’. These are classic signs of a scam.
• In genuine financial markets, returns are never guaranteed and profits are never steady. Any platform or adviser promising such outcomes should be avoided.
6. Watch Out for Pressure Tactics
• Fraudsters often try to create urgency with lines like:
o ‘Invest today only’
o ‘Limited-slot AI plan’
o ‘You must pay immediately or your shares will be sold’
o If you feel rushed or pressured, stop immediately.
• No legitimate financial service will ever force you to make instant decisions. Taking time to verify can prevent massive losses.
7. Check All Exchange Notices
• Many investors ignore emails from NSE, BSE or CDSL, assuming they are routine updates. However, these notices often alert you to:
o Unusual trading activity
o Margin shortfalls
o Risk warnings
o Complaints or compliance issues
• If you receive any such notice, do not overlook it. Investigate immediately to ensure your account has not been misused.
8. Maintain Basic Financial Literacy
• Before opening a demat or trading account, make sure you understand at least the basics, such as:
o What a margin call means
o What a contract note is
o How trades are executed
• A lack of knowledge is one of the biggest vulnerabilities exploited by fraudsters. Even a basic understanding of financial awareness can significantly reduce the risk of falling victim to fraud.
9. Avoid Unregulated Forex or Crypto Platforms
• Many fraud networks operate under names like ‘offshore forex trading’, ‘USDT arbitrage’ or ‘AI-based crypto trades’. None of these is legal for Indian retail investors.
• Investing in such platforms not only puts your money at high risk but can also unknowingly involve you in illegal hawala transactions.
10. Report Suspicious Activity Immediately
• If you notice anything unusual in your account, act without delay:
o Contact your broker’s grievance cell
o File a complaint through SEBI’s SCORES portal
o Approach your local police station or cyber cell
• Preserve all emails, SMS messages, transaction records and statements as proof.
• Early reporting can stop further losses and strengthen the chances of recovery.
The Globe Capital, Ojasvi and WinsorFX cases highlight a broader and fast-evolving threat: criminals are combining traditional trust-based manipulation with modern digital tools — including remote-access software, data harvesting, crypto channels and hawala routes — to cause massive losses while hiding their tracks.
Tackling these scams requires a combination of personal vigilance, enhanced technical safeguards, proactive regulatory action and faster coordination among investigative agencies. For ordinary investors, the strongest protection is straightforward: never hand over control of your accounts, always verify independently and maintain proper records so discrepancies can be detected early.
At Moneylife, we often advise everyone not to invest in a product they do not understand. For example, if you have no knowledge or information on how cryptocurrencies or crypto trading work, you should either learn everything about it and (maybe) then invest if you feel comfortable with the product, platform and regulatory environment, or else stay away from it.
Remember, fraudsters are becoming increasingly sophisticated, using a blend of technology, psychological manipulation and professional-looking platforms to gain access to investors’ money. Whether it is an ‘AI trading promise’ or a seemingly helpful broker offering to ‘manage your portfolio’, the safest rule remains unchanged:
Stay cautious. Stay informed. And never hand over control of your financial accounts to anyone.
Stay Alert, Stay Safe!
