Ashesh & Shivaangi Indian influencer Couple Accused of Operating a Multi-Crore Drug Racket and Illegal Money Management Firm.

Ashesh Mehta and Shivangi Mehta, a prominent finfluencer couple known for their financial expertise, have recently been apprehended for their involvement in a Rs 300 crore drug distribution network and an illicit money-management business. The Madhya Pradesh police have issued lookout notices against them, alleging their leadership in the drug racket. Additionally, the Mehtas operated an unregistered money-management firm named Bliss Consultants, which attracted clients with the promise of high monthly returns. This article delves into the details of their operations and the consequences of their actions.

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Operating in the Shadows, Bliss Consultants, founded by Ashesh Mehta and headed by Shivangi Mehta, presented itself as a sole proprietorship based in Goregaon, Mumbai. Notably, it was not registered with the Securities and Exchange Board of India (SEBI) as a portfolio management service (PMS) or an alternative investment fund (AIF) company. The agreement signed by clients clearly stated this fact, although any SEBI-regulated fund management entity is obligated to prominently display its registration status, including the registration number. These disclosures are crucial for establishing transparency and trust with investors.

Lack of Oversight and Prominent Returns, According to industry experts, Ashesh Mehta’s business primarily relied on word-of-mouth marketing, with almost 98-99 percent of his clients having no direct communication with him. As a result, clients had no means of verifying whether the firm was licensed to manage third-party funds. However, the Mehtas’ service gained popularity due to their team consistently delivering monthly returns of 2.5-3 percent, translating into annual returns of up to 36 percent. The allure of such remarkable profits, without any reported losses, enticed investors to sign up despite the absence of direct promotion efforts.

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Social Media Influence and Customer Acquisition, Ashesh Mehta actively promoted his trading prowess on Twitter, showcasing substantial profits made through his trading activities. As recently as May 31, he shared a screenshot demonstrating profits of over Rs 2 crore. With a Twitter following of 24,000, his online presence attracted potential clients seeking investment opportunities. An individual interviewed by Money Control claimed to know at least 200 people who had subscribed to Mehta’s money management service. Onboarding involved a know-your-customer (KYC) process and transferring funds to a bank account registered under Bliss Consultancy’s name.

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Opaque Operations and Profit Sharing, Bliss Consultants utilized an app called DIFM (Do-it-for-me) to allow clients to track their portfolios and make fund withdrawals. However, access to the app seemed restricted to registered clients only. Investments ranging from Rs 5 lakh to Rs 20 crore were observed, with a profit- and loss-sharing arrangement of 70-30, favoring the clients. According to the agreement, clients would bear 70 percent of the profit or loss, while Bliss Consultants would retain the remaining 30 percent.

No Pun intended.
Just a tweet for myself as a memory. Such days are rare and truly special when you look down memory lane.
Say no to fake screenshots! Check out my P&L – #VerifiedBySensibull https://t.co/xn909pyTF1

— Ashesh Mehta (@bulkindextrader) May 31, 2023

Regulatory Misdirection, The company’s website presented a seven-step procedure for client onboarding but conveniently omitted details about the common bank account. Instead, it misleadingly stated that clients should transfer funds to an account managed by a SEBI-registered share broker. This tactic aimed to create the impression of regulatory oversight, enhancing the perceived credibility of Bliss Consultants’ products.

The case of Ashesh Mehta and Shivangi Mehta highlights the dangers of investing in unregistered and unverified financial ventures. The couple’s alleged involvement in a massive drug racket and illegal money-management business has shed light on the need for thorough due diligence and regulatory compliance when engaging in financial activities. Investors must remain cautious and only entrust their funds to reputable, licensed entities to safeguard their financial well-being.