What is the Rs 300-crore scam involving finfluencer Ashesh Mehta and his wife?

Self-proclaimed financial influencer Ashesh Mehta and his wife Shivangi Mehta have allegedly fled the country after the Madhya Pradesh police uncovered their involvement in a Rs 300-crore home-based drug racket. According to Mid-Day, the couple discreetly left the country after transferring approximately Rs 174 crore to various bank accounts.

The racket was exposed when a delivery boy, who had suspicions, reported his findings. However, details about the alleged drug business have not been fully disclosed, and the Madhya Pradesh police have issued a look-out notice for the couple.

In addition to their drug-related activities, it has been revealed that the couple was also operating an illegal finance business under the name of Bliss Consultants.

Who is Ashesh Mehta?

Ashesh Mehta, like many other digital influencers, presented himself as an expert in stock market trading. His Twitter bio reads, "Entrepreneur! Index option buyer! Made a fortune trading in Nifty and Bank Nifty."

Illegal trading business

Following the exposure of their drug racket, it came to light that the couple was running a trading company named Bliss Consultants located in Mumbai's Goregaon (East). The website listed Ashesh as the founder and principal trading partner, while his wife, Shivangi, was named the director of operations.

The company's agreement with clients stated that it was a sole proprietorship and not a registered Securities and Exchange Board of India (SEBI) portfolio management or alternative investment fund (AIF) company.

It was also discovered that almost 98% of investors had never met Ashesh Mehta. Since they were receiving decent returns on their investments, they had no reason to suspect anything regarding the company.

Mehta had shared his profit and loss statement last month, which indicated a profit of Rs 2.43 crore.

Worries among investors

With Bliss Consultants' office closed, investors are concerned about the fate of their investments. One investor, speaking to Mid-Day, stated that their dealings with the company had been transparent and straightforward since 2019. They added, "There has never been any suspicion of anything criminal or suspicious. But we want some communication from them."

Investors mentioned that they were satisfied with the couple's financial dealings, which likely led to overseas investments.

As of Friday (June 16), investors had been receiving their returns, but there has been no communication from the company since then.

Ashesh and Shivangi's phones are switched off, and their residence is locked. The police are currently searching for them.