Financial regulators flexed their muscles as Kochi ED provisionally attached Rs 39.1 lakh in property from Swati Rahim, MD of the collapsed Save Box Concepts Pvt Ltd, amid a money laundering probe into investor swindling. Dated February 17, this step exposes the underbelly of a scam that thrived on digital hype and hollow pledges.
The case originated from Thrissur FIRs charging Rahim’s outfit with fraud under multiple counts. Savvy marketing peddled shares, joint ventures, and app franchises promising fat yields, all tied to an ‘innovative’ online bidding platform that morphed into crypto territory.
Millions flowed from eager investors, yet the company defaulted spectacularly, winding down by December 2022. Betrayed stakeholders’ complaints fueled the ED’s forensic accounting, uncovering Rs 39.01 lakh in layered proceeds post meager refunds to select complainants.
Misappropriated cash bankrolled celebrity tie-ups, patched crypto deficits, fueled lavish lifestyles, and more. Investigators pierced the veil, linking the frozen assets directly to crime gains.
Ongoing inquiries signal more heat ahead, with ED poised for additional seizures. This high-profile attachment spotlights systemic vulnerabilities in India’s burgeoning investment apps, calling for robust oversight to shield the public from predatory operators.