Ojasvi Foundation Investment Scam: Garment Factory Owner Alleges ₹20 Lakh Financial Fraud
Senior journalist Unmesh Gujarathi exposed a major alleged investment scam through detailed reporting. Follow-up investigations by Sprouts News suggested the fraud could exceed ₹60 crore. After sustained coverage, police registered an FIR nearly six months later, based on complaints filed.
Ojasvi Foundation investment scam allegations have emerged after a garment factory owner from Ulhasnagar alleged that he was cheated of ₹20 lakh through misleading investment assurances, according to a police complaint.
The complainant, Sushil Shrinath Gupta, 38, currently resides in Ambarnath East, Maharashtra, where he has lived for the past six months with his wife and two minor children.
Gupta operates “Sakshi Garments,” a jeans manufacturing unit near Peninsula Hotel in Ulhasnagar-5, and stated that his family’s livelihood depends entirely on factory earnings.
According to Gupta’s police statement, he was personally acquainted with Bitu Mittal Sahu and Parvin Sahu, embroidery factory owners from Ulhasnagar, who allegedly promoted Ojasvi Foundation investments.
In June 2023, Bitu Sahu allegedly approached Gupta with investment proposals, claiming he had invested ₹20 lakh and was earning approximately ₹1.5 lakh monthly, as per Gupta’s version.
Gupta stated that despite expressing mistrust toward private investment companies, Sahu allegedly showed screenshots of investor accounts and commission payments to reinforce credibility.
As per the complaint, Sahu assured Gupta that he would personally take responsibility for the investment and claimed referral-based commissions were also offered.
Goa Trip and Hospitality Allegedly Used to Build Investor Confidence
In June 2023, Sahu allegedly took Gupta and around 20 others to Goa, arranging accommodation and meals at a hotel named “Ojasvi ,” claiming it was associated with the company.
Gupta stated that this hospitality was presented as evidence of the company’s financial strength, leading several attendees to believe the operation was legitimate.
In September 2023, Gupta arranged funds to purchase agricultural land and secured a ₹22 lakh bank loan for that purpose, as recorded in his statement.
Upon learning this, Sahu and Parvin Sahu allegedly persuaded Gupta to invest temporarily, assuring withdrawal was possible within one month if unsatisfied.
Gupta stated he was taken to an Ambarnath office, where Manoj Jaiswar allegedly introduced Sanjay Jaiswar and Ajay Sahu as investors claiming high returns.
According to the complaint, Manoj Jaiswar claimed to have acquired properties and vehicles through Ojasvi Foundation earnings, reportedly generating ₹30–35 lakh monthly.
Despite these claims, Gupta stated he remained hesitant and initially declined to invest.
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Related Article: Ulhasnagar Scam Rocks Thane.
Cheques, Cash Transfers and Subsequent Concerns
In October 2023, Sahu allegedly deposited ₹90,000 in Gupta’s name to create an investor ID, which displayed balances in US dollars, as per the complaint.
Gupta stated that on October 17, 2023, he issued a signed cheque for ₹5 lakh, which was later withdrawn in cash by Ajay Rao.
On October 20, 2023, Gupta issued another cheque of ₹15,08,058, which Ajay Rao allegedly deposited into his own AAA Garments account.
Gupta stated that after watching news related to the Mahadev chit fund case, he became alarmed and immediately requested that his funds not be invested.
According to Gupta, he was informed that the money had already been transferred to the bank account of Chanda Jaiswar, Manoj Jaiswar’s wife.
Despite repeated requests for reversal, Gupta alleged he was informed that the entire amount had already been invested.
Police Complaint, Allegations and Investigation Status
Gupta alleged that subsequent inquiries were met with evasive responses and verbal abuse when he contacted individuals whose numbers were shared with him.
He has named Bitu Mittal Sahu, Ajay Rao, Manoj Jaiswar, Parvin Sahu, Sanjay Jaiswar, and Ajay Sahu in his formal complaint.
The complaint alleges that between June and October 2023, the accused induced investment despite Gupta’s reluctance, resulting in alleged misappropriation of ₹20 lakh.
Sprouts News has learned that the complainant’s statement was recorded in Marathi, explained in Hindi, and affirmed as accurate by the complainant.
Police officials confirmed that the matter is under investigation, and no guilt has been established at this stage. The allegations remain subject to verification and legal adjudication.
