KOCHI: As India’s enforcement agencies widen their scrutiny of online investment platforms, a familiar pattern has re-emerged: celebrity endorsements, promises of high returns, and a trail of investors left waiting. In Kochi this week, that pattern drew a prominent Malayalam film actor into the ambit of a widening financial probe.
A Summons at the Kochi Office
On Monday, officers of the Enforcement Directorate questioned Malayalam film actor Jayasurya at the agency’s Kochi office, according to officials familiar with the matter. The questioning focused on his association with the Save Box bidding application, where he had served as a brand ambassador.
Investigators sought to determine whether the actor had any financial dealings with the promoters of the platform, which is under investigation for an alleged multi-crore investment fraud. Sources said the questioning on Monday followed an earlier round of inquiries conducted on December 24, indicating that the agency was continuing to piece together the financial and promotional architecture of the scheme.
Officials emphasized that the questioning was part of a broader effort to establish the nature of endorsements and relationships tied to the platform, rather than a declaration of wrongdoing.
The Rise and Fall of the Save Box Platform
The investigation traces back to the arrest of Swadiq Rahim, a native of Thrissur and the owner of the Save Box app. Rahim was arrested in 2023 by the Thrissur East Police on charges of allegedly duping investors of large sums through the platform.
Launched in 2019, Save Box was promoted as India’s first online auction and investment platform. Its promoters projected it as an innovative marketplace combining auctions, investments, and startup funding. The platform’s public messaging leaned heavily on claims of novelty and scale, positioning Save Box as a disruptive entrant in the digital finance space.
Investigators allege that, behind the marketing pitch, the platform raised substantial funds from investors by promising high returns—returns that, according to police, never materialized.
Promises, Products and Publicity
According to investigators, Rahim offered a range of investment avenues to attract users. These included auction-based sales of electronic gadgets, franchise opportunities for a delivery service branded as Save Box Express, and funding opportunities for startups. At various points, the group also projected plans to emerge as a major player in the cryptocurrency sector.
Authorities say the model relied on a steady inflow of new investments, supported by aggressive publicity campaigns. Celebrity endorsements played a visible role in that strategy. The platform and its promoters widely publicised photographs, stage appearances, and promotional material featuring actors and public figures to bolster credibility and attract investors
Despite the assurances, investors did not receive the promised returns, a development that ultimately led to Rahim’s arrest and the widening of the investigation.
Celebrity Proximity Under Scrutiny
Rahim himself reportedly acted in two films and co-produced another, connections investigators believe were leveraged to cultivate trust among potential investors. Enforcement officials say they are examining how such proximity to the film industry may have been used to lend legitimacy to the platform’s claims.
As part of that inquiry, the questioning of Jayasurya is aimed at clarifying the scope of his role as a brand ambassador and whether any financial transactions accompanied the endorsement. Investigators have said they are reviewing promotional material and public appearances involving actors to understand how investments were canvassed.
