Mumbai Police Probe ₹57 Crore Ponzi Scheme

The Economic Offences Wing (EOW) of the Mumbai Police is investigating an alleged Ponzi investment scheme that has collected over ₹57 crore from investors. The scheme, which promised returns of 7 to 8 per cent per month, was operated by a company and its digital platforms.

The EOW has sent letters to nearly 1,000 investors, asking them to approach the EOW and formally lodge their complaints. So far, around 700 letters have been sent, and a dozen investors have approached the EOW office to lodge complaints.

The alleged scheme came to light after the EOW's Economic Intelligence Unit conducted an undercover operation. The scheme had been operating for nearly a year, and the accused allegedly organised promotional activities to attract investors and agents.

The four arrested accused have been identified as Shrikrishna Chavan, Ankush Parte, Dr Sudesh Mohite, and Subhash Pandere. They are currently lodged in Arthur Road Jail. The accused allegedly operated under the names AI Origin and Digital Origin and accepted investments without obtaining the requisite licence or registration from competent regulatory authorities.

The investigation has revealed that the accused allegedly purchased around 25 acres of land in Kolhapur, which they planned to sell to investors. The EOW has written to the concerned authorities seeking initiation of the process to attach the properties.

The scheme offered investment plans starting at ₹1,500, making it accessible to a large number of people. The accused allegedly projected themselves as civic contractors and investors involved in gaming applications and cryptocurrency.

The EOW is examining the transactions to determine how much money was collected in cash. The investigation is ongoing, and the EOW is working to identify more victims and ascertain the total amount collected by the accused.

The alleged Ponzi scheme is a significant case, and the EOW is taking all necessary steps to bring the accused to justice. The case highlights the importance of being cautious when investing in schemes that promise high returns.

The Mumbai Police has urged investors to be vigilant and to report any suspicious activities to the authorities. The EOW is committed to protecting the interests of investors and to taking action against those who engage in fraudulent activities.

In the context of Mumbai, this case is a reminder of the need for investors to be aware of the risks involved in investing in schemes that promise high returns. The city has seen several cases of Ponzi schemes in the past, and the EOW is working to prevent such cases from occurring in the future.

The investigation into the alleged Ponzi scheme is ongoing, and the EOW is working to bring the accused to justice. The case is a significant one, and it highlights the importance of being cautious when investing in schemes that promise high returns.

The Mumbai Police has urged investors to be vigilant and to report any suspicious activities to the authorities. The EOW is committed to protecting the interests of investors and to taking action against those who engage in fraudulent activities.

In terms of significance, the case is a major one, and it highlights the need for investors to be aware of the risks involved in investing in schemes that promise high returns. The EOW is working to prevent such cases from occurring in the future, and the case is a reminder of the importance of being cautious when investing.