A platform called XPO.RU is at the centre of a large investment racket in Rajasthan, India, local media reported. It operated through a website and mobile app and was promoted as a channel for overseas investments. The group held seminars and offered referral commissions to attract investors.

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Police say about 4.5 lakh people across India lost nearly $420 million. In Jodhpur, around 10,000 people invested roughly $18 million. At a seminar on 22 September in Jhalamund, participants were promised a 10 percent commission for adding new investors.

Company Claims Exaggerated, Funds Misrepresented

The case surfaced after a complaint was filed in Bharatpur. Police later arrested five associates of the operation. Officers seized jewellery, five cars, and cryptocurrency worth approximately $4.8 million.

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Investigators said the company claimed “47 lakh users” and “USD 4.3 billion” in funds. Actual figures were about 4.7 lakh users and deposits of around $370 million.

Despite the arrests, the company’s directors continue to tell investors “not to panic” and say the situation will “settle soon.”

Luxury Seminars Used to Lure Investors

Preparations continue to take 50 investors from Jodhpur and 200 from across the state to Azerbaijan on 2 December. The company is not registered with any Indian authority. Local media reported that the same group also ran Digix.com, which raised over $60 million from about 9,000 investors. Although XPO.RU claims to operate from Russia, the network began its activities in Jaipur in 2022.

Investors said seminars were held in luxury hotels in Jodhpur, where operators showcased high returns and displayed vehicles. One investor said they gifted “Mercedes, Range Rovers and BMWs” during the events. Several vehicles remain booked at two showrooms. Some investors were also taken on foreign trips.

The company promised monthly returns of 15 to 20 percent. Many people used bank and private loans to invest, hoping to earn more than typical loan interest of 1 to 2 percent per month.