Kochi’s Enforcement Directorate has struck hard against investment fraud with the seizure of Rs 39.1 lakh worth of property from Swati Rahim, head of the now-defunct Save Box Concepts Pvt Ltd. This provisional attachment on February 17 marks a key milestone in unraveling a scam that blended online auctions, shares, and crypto allure to fleece investors.
Triggered by police FIRs in Thrissur, the ED’s money laundering inquiry exposes how the company enticed people with glossy promises of lucrative returns. Investors were roped in via share issuances, partnership offers, and franchise opportunities linked to a purported bidding app. Instead of profits, victims saw their money vanish into a web of misuse.
Positioning itself as a trailblazer in online bidding—later infused with cryptocurrency trading—the firm amassed funds but collapsed without delivering. Operations halted by end-2022, leaving a trail of aggrieved investors who filed complaints, paving the way for ED intervention.
Detailed scrutiny shows Rs 39.01 lakh in proceeds of crime post partial payouts to complainants. These funds were cleverly laundered for high-profile endorsements, crypto loss offsets, luxury spending, and more. The attached property directly corresponds to this illicit sum.
As probes deepen, the ED remains committed to tracing every rupee and holding perpetrators accountable. This development serves as a stark reminder of risks in unregulated investment platforms, urging greater investor caution amid rising digital scams.