A group of investors in Panaji has filed a major financial fraud complaint alleging a scam worth over ₹7.36 crore linked to a crypto and forex trading scheme operated through platforms such as “BotBro,” “Bot Alpha,” and “MineCrypto.”
The complaint names three accused — Lavish Chaudary, also known as Rashid Ali and Nawab Khan, who is currently based in Dubai; Ashutosh Atchut Naik, a resident of Alto Porvorim; and Suraj Vishnu Kande, a resident of Panaji.
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According to the complainants, the accused allegedly enticed investors with promises of high monthly returns ranging from 3% to 10% through forex trading and cryptocurrency investments. Investors were encouraged to deposit funds via online transfers and cash, with claims that the money would be traded using AI-driven systems on platforms such as MetaTrader 5.
The complaint further alleges that initial returns were paid to build investor confidence, while new participants were continually recruited—suggesting a Ponzi-like structure. Over time, multiple schemes including TLC Coin, Cross Market, and MineCrypto were introduced, even as earlier platforms reportedly failed to generate returns.
The situation escalated in early 2025 when withdrawals allegedly ceased. Investors claim they were then asked to transfer funds into cryptocurrency wallets with assurances of repayment within a few months, which never materialised. It has also been alleged that substantial amounts of cash were routed to Dubai through hawala channels.
Complainants further stated that the accused later cited losses and promoted new investment platforms, urging investors to reinvest instead of withdrawing their funds.
The complaint invokes provisions under the Bharatiya Nyaya Sanhita, the Information Technology Act, the Prevention of Money Laundering Act, the Securities and Exchange Board of India Act, and the Banning of Unregulated Deposit Schemes Act.
Alleging criminal conspiracy, cheating, breach of trust, and financial fraud, the investors have urged authorities to register an FIR, conduct a thorough investigation, and ensure recovery of their funds.
Further action in the case is awaited.
