Navi Mumbai Police Bust ₹47-Crore Scam, 2 Arrested

The Navi Mumbai Police's Financial Intelligence Unit has uncovered a large-scale investment scam in which nearly 4,500 investors were allegedly cheated of more than ₹47 crore.

The scam involved promises of attractive monthly returns, hefty commissions, and diamond gifts to lure investors.

Two key accused, including the company's CMD Sunil Palve, have been arrested, while four other accused are currently wanted in the case.

The accused have been booked under various sections of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act, 2019.

The police investigation revealed that the company, OSSAM SWADESH LLP, enticed investors by offering lucrative monthly returns and referral commissions.

To gain credibility, the accused initially paid returns to investors on time and even presented diamond gifts to some investors.

However, the diamonds were of inferior quality and were actually valued at only around ₹20,000, compared to the claimed value of ₹1 lakh.

After collecting substantial investments from the public, the accused allegedly stopped making the promised payouts, leaving thousands of investors without their money.

Preliminary investigation has revealed that the company mobilised over ₹47 crore from around 4,500 investors, with a substantial portion of the funds suspected to have been misappropriated.

The police are examining the company's financial transactions, bank accounts, investment records, and fund flow to determine the full extent of the fraud and identify all beneficiaries.

Assistant Commissioner of Police Vishal Hire said that the accused systematically lured investors by promising unrealistic returns and attractive incentives.

The operation was carried out by the FIU and the Crime Branch under the guidance of ACP Vishal Hire, following directions from Police Commissioner Milind Bharambe and Joint Commissioner of Police Deepak Sakore.

The arrest of the two key accused and the ongoing investigation are significant steps in bringing the perpetrators of the scam to justice.

The case highlights the importance of vigilance and caution when investing in schemes that promise unusually high returns.

The Navi Mumbai Police's action in busting the scam and arresting the accused will help to protect investors and prevent similar scams in the future.

The police are committed to ensuring that every person involved in the conspiracy is brought to justice and that the investors who were cheated are compensated.

In conclusion, the Navi Mumbai Police's busting of the ₹47-crore investment scam is a significant achievement in the fight against financial fraud.

The case serves as a reminder to investors to be cautious and to do their due diligence before investing in any scheme.