Hundreds of Goan investors are feared to have been drawn into a sprawling forex-linked fi nancial fraud estimated at a staggering Rs 800 crore, with mounting complaints pointing to a network that promised easy returns before abruptly going silent. What began as a seem ingly reliable investment avenue — complete with steady payouts in the in itial months — has now collapsed into uncertainty, leaving families across the State scrambling for an swers and access to their money. “We were assured steady returns and did receive them for five to six months. Then the payments sud denly stopped,” said an investor from Mangueshi, capturing the anguish.
“The leaders based in Dubai are no longer responding. We have approached the police and submitted names and ad dresses. They must not be allowed to es cape,” the investor added. The alleged operation, linked to crypto currency firms, is believed to have been or chestrated by Lavish Chaudhery, reported ly operating out of Dubai, with possible on ground support enabling its spread in Goa. Investigators are now racing to trace the financial trail, even as early indications suggest the fraud may extend far beyond the State, potentially forming part of a wid er, multi-city investment racket.
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For many investors, the pitch was both simple and seductive — consistent month ly returns in the range of five to six per cent, backed by claims of expertise in forex and cryptocurrency markets. “This appears to be a scam carried out in the name of forex trading,” another vic tim said. “We joined in 2024 after being told the company had been operating since 2021. At the time, crypto markets were booming, which made it easier to believe the model.” “The system worked smoothly until early 2025,” the investor added. “Then we were told the Enforcement Directorate had raid ed the company and frozen its accounts. That’s when everything stopped. We pulled back, but by then our funds were already stuck.” Authorities are now expected to wid en the probe, focusing on identifying the full scale of victims, mapping the network of agents and promoters, and determin ing how such a large pool of investments moved with limited regulatory scrutiny. The fallout has triggered anger and anxiety across Goa, with growing calls for stricter oversight of high-return invest ment schemes and greater public aware ness to prevent similar financial traps. For now, however, the immediate reality is stark – what was sold as a pathway to quick wealth has left many staring at crip pling losses.
