MUMBAI: The Economic Offences Wing (EOW) has filed a charge sheet against Dipen Thanawala and his father Rashmikant Thanawala, alleging they collected at least ₹2.27 crore from investors by promising assured returns and then used artificial intelligence (AI) tools to fabricate Dubai bank transfer records, forged emails and cloned banking interfaces to convince investors that refunds were imminent.EOW: AI used to fake Dubai remittances inThanawala investment fraudInvestigators also claim they found an undisclosed Canara Bank account with a balance of ₹8 crore on a laptop seized from the accused.The charge sheet, filed before a special court under the Maharashtra Protection of Interest of Depositors (MPID) Act, alleges the duo collected money through Thanawala Wealth Management by offering 2% monthly returns before persuading investors to buy pre-IPO shares of companies, including the NSE and Vikram Solar. Initial returns were allegedly paid before payments stopped in 2025 and the shares were never transferred.As investors sought refunds, Dipen allegedly circulated fabricated First Abu Dhabi Bank (FAB) transfer advice, fake emails and screenshots of purported remittances from Dubai. The EOW alleged he used AI-based software to generate cloned banking interfaces and later deleted the fabricated electronic records after sharing them on WhatsApp groups, leading to the addition of a charge under Section 238 of the Bharatiya Nyaya Sanhita for destruction of evidence.Forensic analysis of a seized laptop allegedly revealed a concealed Canara Bank statement showing a closing balance of ₹8 crore as on December 31, 2025. Investigators also claimed Thanawala disclosed transactions of ₹1.95 crore, while investor statements showed collections of ₹2.27 crore, indicating another ₹32 lakh was not disclosed.Police said WhatsApp groups were used to circulate forged screenshots of overseas remittances, including one showing a purported credit of two crore UAE dirhams and others reflecting transfers of AED 4 lakh and AED 4.2 lakh. The EOW said verification found no such remittances.During interrogation, Dipen allegedly admitted investor money had been used for futures and options trading through Zerodha, Angel One and HDFC Securities, leading to substantial losses. Police seized two laptops and a mobile phone, recovering digital records that have been sent for forensic examination.The EOW has charged the father-son duo with cheating, criminal breach of trust, forgery of valuable security, using forged electronic records as genuine, destruction of evidence and offences under the MPID Act.In a separate representation to the Mumbai Police Commissioner, complainants have alleged the overall fraud could exceed ₹150 crore and involve more than 50 investors, seeking a wider investigation into the alleged money trail, overseas assets and additional victims.