Mumbai: The Enforcement Directorate (ED), Mumbai Zone II, on Tuesday conducted search operations at 13 locations in Gujarat as part of a money laundering investigation linked to the alleged Q-Fon App digital investment scam.

According to ED officials, searches were carried out at 10 locations in Ahmedabad and three in Surat, along with a few premises in Mumbai. The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, against Q-Fon App Limited and its directors in connection with a large-scale financial scam involving public investments. The searches targeted premises linked to the company’s directors and related entities suspected of receiving investors’ money.

The search was ongoing at all the three locations until the report was published and no information about any arrests or seizures was shared.

The ED action follows an FIR registered by the Economic Offences Wing (EOW), Thane, on December 28, 2024. The FIR alleged that Q-Fon App Limited, along with associated entities and directors including Sudhir Kotadiya, floated a Ponzi-style digital investment scheme claiming to generate earnings from online advertisements.

Investigation revealed that the accused promised investors unusually high returns, ranging between 2% and 10.5% per month. They collected huge sums from the public through cash deposits and online transfers routed via accounts of linked individuals and entities. The funds were allegedly siphoned off, and the accused later absconded with the investors’ money.

The Q-Fon App scam, which came to light following multiple complaints from duped investors, is part of a growing trend of app-based ponzi operations exploiting digital platforms to defraud citizens.

Officials said the fraudulent network, operating out of Ahmedabad, lured hundreds of investors across Maharashtra. The EOW FIR alleged that the scheme was led by Jay Sukhbhai Sakhia, also known as Patel, along with associates Umang Thathadia, Anant Patel, Sanjaybhai Sarithi Thathadia, and Saddubhai Dushyantbhai Thathadia. They reportedly collected crores of rupees via cash deposits and online transfers routed through linked entities.

According to an investor’s statement, the scam’s origins trace back to May 2020, when the accused introduced the “Digital Investment App” during one of the meetings. “They claimed to be running a legitimate business from Ahmedabad, assuring investors of monthly profits in US dollars through a mobile app available on the Google Play Store,” the investor told investigators.

The accused allegedly convinced participants of the scheme’s authenticity by claiming to have “connections within the Thane and Mumbai police.” Several meetings were held in Thane, Mumbai, Panvel, and Ahmedabad to persuade investors to contribute to what was described as a “secure digital earning platform.”

Later, victims discovered that the operation was a ponzi scheme, and the accused disappeared after collecting crores of rupees. The Thane EOW arrested Parag Ashok Kumar Shah, a key accused in the case, in June. Sources said that Shah, a small businessman from Narayangaon near Pune, had conspired with other businessmen from Gujarat to execute the scam.

ED sources added that the Ahmedabad-based network, operating under the guise of a “digital investment platform,” is suspected to be part of a larger pan-India ponzi racket, which defrauded investors across multiple states before vanishing without a trace.

Mumbai: In a major corporate fraud case, a complaint has been registered against former CEO Vijay Agarwal and his associates Yogesh Bhura and Akshay Anjalia for allegedly conspiring to cheat Nibble Technologies Pvt. Ltd., a Powai-based tech firm, of approximately ₹19.66 crore through forged contracts and intellectual property theft.

According to the complaint, the accused, between November 2021 and August 2024, allegedly colluded with four companies — IQ Capital Holdings PTE. LTD. (Singapore), Dextra Lab PTE. LTD. (Singapore), Dextralab Solutions Pvt. Ltd. (Mumbai), and Dextralabs Innovation Pvt. Ltd. (Mumbai) — to execute fake and fabricated Master Service Agreements (MSAs) dated November 23, 2023. The agreements were allegedly signed by Yogesh Bhura, the authorized signatory of IQ Capital Holdings, and Vijay Agarwal.

The complaint further states that the trio misused company data, computer systems, source codes, products, and intellectual property to transfer ownership and profits illegally to the aforementioned entities. This was allegedly done with the intent to deceive Nibble Technologies and derive unlawful financial gains.

As a result, Nibble Technologies claims to have suffered losses amounting to ₹12.05 crore in product value, ₹4.77 crore in services, and ₹2.84 crore in revenue, totaling ₹19.66 crore.

Police sources confirmed that the accused took undue advantage of their positions of trust within the company and executed a criminal conspiracy to misappropriate proprietary assets and customer contracts. The alleged fraudulent acts included forging official correspondence and manipulating client relationships for personal benefit.

A case has been registered against Vijay Agarwal, Yogesh Bhura, Akshay Anjalia, and the four linked companies under relevant sections of the BNS related to cheating, criminal breach of trust, and forgery at Sakinaka Police Station. This case has been transferred to Economic Offence Wing (EOW ). The investigation is underway to trace the money trail and recover the misappropriated intellectual property, Said EOW Official.

Mumbai: In a major crackdown on fraudulent advertisements inside Mumbai’s suburban railway network, the Railway Protection Force (RPF) of Western Railway’s Mumbai Division intensified its campaign against fake ‘tantriks’ and ‘vashikaran babas,’ whose posters had been illegally plastered across local trains and platforms. On October 14, an accused and his two accomplice were arrested with more than 22,000 posters.

According to an official, posters, often promising supernatural fixes to personal, health, and financial issues, have not only misled commuters but also defaced railway property.

Following a spate of complaints received via social media and the Rail Madad portal, Senior Divisional Security Commissioner Santosh Kumar Singh Rathod formed a special enforcement team. The drive gained momentum under the leadership of Sub-Inspector Santosh Soni.

“On October 14, acting on a tip-off, Soni and his team apprehended Abdul Samad, son of Irshad Khan, red-handed while he was pasting such posters inside a stationary local train at Platform No. 2 of Andheri station. Over 600 posters were recovered from his possession at the scene” further added official.

During interrogation, Samad disclosed the whereabouts of the main culprits — a self-styled so called godman and his accomplice — who were later arrested from their hideout in Mira Road. A subsequent search led to the seizure of an additional 22,000 posters. All three individuals, along with the confiscated materials, were handed over to the RPF post at Andheri for further legal proceedings.

“This is part of an ongoing operation to cleanse the railway premises of illegal and misleading advertisements,” said an RPF official. “The actions are aimed at curbing fraudulent practices and improving the aesthetics and safety of local trains.”

In just the past month, RPF teams have nabbed 29 offenders caught red-handed while putting up such posters. A total of 49,100 posters have been seized during this period, and fines amounting to Rs 13,000 have been imposed by the court.

This drive follows a similar operation conducted in May 2025, during which 53 offenders were booked, and 37,400 posters were confiscated. That campaign led to penalties totaling Rs 26,500.