Four Arrested in Rs 30 Crore Ponzi Scheme with Network in Thane
The Economic Intelligence Unit of the Mumbai Police Economic Offences Wing arrested four individuals on August 13 and August 14 in connection with a multi-level marketing and Ponzi scheme operated under the name AI Origin, also known as Digital Origin. The firm, which ran operational offices in Thane, Palghar, Pimpri-Chinchwad, Sangli, and Kolhapur, allegedly amassed over ₹30 crore in cash from more than 3,000 investors.
A case was registered under the Bharatiya Nyaya Sanhita, including Section 318(4) for cheating and Section 3(5) for joint liability, alongside Sections 21, 23, and 26 of the Banning of Unregulated Deposit Schemes Act.
According to police officials, the company's directors—identified as Chairman and Executive Director Shrikrishna Pandurang Chavan, and Executive Directors Ankush Shantaram Parte and Subhash Yashwant Pandere—along with agents and associates, accepted unauthorized deposits without acquiring licenses or registration from the Reserve Bank of India or the Securities and Exchange Board of India. The syndicate lured individuals by promising fixed monthly returns ranging from 5% to 7%.
Prospective investors were drawn to the scheme through the website AIOrigin.in, targeted WhatsApp groups, and in-person promotional seminars conducted across several districts in Maharashtra. The firm had been operating for roughly a year and promoted secondary returns via a member-joining system. Under this arrangement, investors paid ₹1,500 to download an application called 'UPPI' to track returns. To access funds, investors were required to induct 70 to 80 new members, earning ₹3 to ₹5 per referral until reaching a ₹500 balance.
Investigators noted that the firm had also sponsored a trip to Thailand for 60 agents to drive recruitment. Beyond Maharashtra, the syndicate operated through agents in Karnataka and Goa, and had planned to open additional branches in Satara and Solapur on August 16.
Raids were conducted at company offices in Vasai West in Palghar, as well as Goregaon East and Malad East in Mumbai. Police seized ₹12.08 lakh in cash, nine bank account passbooks, seven laptops and desktops, a BMW car, and a Verna car. The investigation remains ongoing.
