$4 Million Ponzi Scheme Purportedly Run By Reincarnation of Hindu Goddess Is Busted

"He had claimed that goddess Vahnavati Sikotar Mata was pleased with him and that she wanted to make members of the Chhara community millionaires. Accordingly, whosoever offered money as prashad to the goddess, would get triple of the amount in three days."

Indian authorities recently froze the assets of an Indian man who told investors he was the reincarnation of a Hindu goddess and could use these powers to triple their money in just three days.  Ashok Jerambhai Jadeja, currently in a county jail in India, is accused of raising more than $4 million from investors in a scheme called "Ek-ka-teen" that spanned several years.  After investors attacked Jadeja when the scheme collapsed, police became involved and Indian authorities later accused Jadeja of money laundering case.  Assets totaling nearly $500,000 were recently frozen by the special money laundering court in Delhi.

According to authorities, Jadeja touted his "Ek-ka-teen" scheme to numerous investors, touting himself as the incarnation of Hindu goddess Vahnavati Skiotar Mata and depicting himself as Jaymadi-Ashok madi.  Jadeja preyed on members of the Chhara community, telling investors that the Hindu goddess was pleased with him and wanted to make members of the Chhara community millionaires. With promises of having their funds tripled within three days, Chhara community members handed over more than $4 million to Jerambhai.  

However, as the number of investors increased, Jadeja was forced to increase the investment term from 3 days to 7 days, and eventually to 25 days.  Instead of possessing divine powers, authorities allege Jadeja's ability to triple investor funds was the result of a massive Ponzi scheme.  Jadeja is accused of using investor funds to purchase a variety of luxury items, including gold and silver ornaments and real estate.  Investor funds were also deposited in bank accounts in the name of Jadeja and his family members.