In a decisive crackdown on financial fraud, the Enforcement Directorate’s Kochi office has provisionally attached immovable property worth Rs 39.1 lakh belonging to Swati Rahim, Managing Director of Save Box Concepts Private Limited. The action, executed on February 17, stems from an ongoing probe into money laundering allegations linked to a brazen investment scam that duped numerous victims.
The investigation kicked off following four FIRs filed at Thrissur City East Police Station in Kerala. Authorities allege that Rahim and her associates lured investors with promises of high returns through company shares, partnership deals, and franchises tied to an online bidding app. What started as a seemingly legitimate venture quickly unraveled into deceit, with funds siphoned off for illicit purposes.
Save Box Concepts marketed itself aggressively as India’s pioneering online bidding platform, later pivoting to cryptocurrency trading hype. Despite collecting substantial investments from the public, the firm failed to honor commitments. By late 2022, operations ceased abruptly, triggering a wave of criminal complaints from defrauded investors.
ED probes reveal that after partial refunds to four key complainants, approximately Rs 39.01 lakh in crime proceeds remained. This tainted money was layered and diverted through various channels, funding celebrity endorsements, covering crypto trading losses, personal extravagances, and other unauthorized uses.
The attached assets match the value of these proceeds, as per the provisional attachment order. With the investigation still underway, ED officials hint at potential further actions against those involved in this multi-layered fraud. This case underscores the growing vigilance against ponzi-like schemes preying on retail investors in India’s digital investment landscape.