Pune Police have registered a case against 23 people, including a Dubai-based alleged mastermind, promoters and company directors, over an alleged Rs 14.70 crore fraud linked to AI bot trading and cryptocurrency investments, according to reports published on Saturday. The case was registered at Bund Garden police station under the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act, and the Economic Offences Wing (EOW) is investigating the allegations.

Source: The 420

The complaint was filed by Pratik Changdev Bhosale, 25, a farmer from Shetphal Gadhe village in Indapur taluka of Pune district, who was preparing for competitive examinations when accused Umesh Jarg allegedly introduced him to the schemes. Promotional seminars were held at hotels in Baner, Wakad and other parts of Pune, including the Orchid Hotel, TipTop and Hilton, where investors were promised monthly returns of between 6% and 50% through the 'Bot Bro' platform and the TLC cryptocurrency, the reports said.

Source: Urban Acres

23People booked by Bund Garden police
Rs 14.70 croreAmount the EOW's preliminary inquiry linked to 21 key investors
Rs 22.7 lakhAmount the complainant says he and his family lost
6%-50%Monthly returns allegedly promised to investors

Money went in between December 2024 and February 2025

Bhosale was introduced to the platform through a friend in August 2023 and, between December 2024 and February 2025, transferred Rs 22.7 lakh from his own and his parents' bank accounts, as well as in cash, to accounts allegedly operated by the platform, The 420 reported. When the promised returns did not arrive and the money could not be withdrawn, the alleged fraud came to light. The EOW's preliminary inquiry found that the total amount linked to 21 key investors from Pune, Mumbai, Satara and Baramati was Rs 14.70 crore; The 420 reported that at least 22 investors were cheated and that police suspect nearly 750 people across India could have been affected by the scheme.

Source: The 420

After ED action, the names allegedly changed

In February 2025, the Enforcement Directorate began investigating the platform and froze its business activities, including withdrawals. The complaint alleges that the companies then changed their names and digital identities, with new websites and domains created under names including 'Bot Alpha', 'Cross Market' and 'Mine Crypto', and that investors were told to make fresh investments to recover amounts placed in earlier schemes. Police said promoters had promised repayments between January and March 2026, but investors did not receive their money. The inquiry also found that the main promoters had travelled to Dubai and Saudi Arabia, according to the complaint and preliminary investigation details cited in the reports.

Source: Urban Acres

The case names Lavish Choudhary, Vijay Narayan Naidu, Rajnandini Naidu, Kunal Khedkar, Vaishali Khedkar, Umesh Jarg, Dnyaneshwari Jarg, Sahil Dhumal, Sameer Kate, Shailesh Kanav, Pramod Kadam, Bharatkumar Solanki, Popat Chorge and Lalit Prajapati, along with members of the boards of the related companies. Police Sub-Inspector Reshma Sambhaji More is investigating the case. The allegations against the named persons are yet to be tested in court, and the police investigation will determine the financial trail, the roles of the named individuals and the full extent of losses among investors.