NAGPUR: For months, the payments arrived on time, reinforcing the promise of steady gains in an uncertain economy. Then, abruptly, they stopped. What followed was a widening police investigation that has cast a harsh light on how trust, ambition, and opaque investment schemes can collide and unravel across cities and households.
A Promise of Predictable Returns
When Sarika Anjangaokar, a 30-year-old resident of Bhandewadi in Nagpur, invested ₹13 lakh with a private firm, the offer sounded deceptively simple: a monthly return of 4 percent. According to her complaint, the payments about ₹8,120 a month arrived as promised, reinforcing her confidence that the arrangement was legitimate.
She was not alone. Police records indicate that at least 61 investors collectively deposited more than ₹14.24 crore with the firm, many of them drawn by assurances of high, regular returns at a time when conventional savings instruments offered far less. The predictability of the payouts, investigators say, played a crucial role in sustaining confidence — until the system faltered. Payments to Anjangaokar continued until March 2025. From April onward, they ceased entirely.
The Mechanics of the Alleged Scheme
When investors began demanding explanations, the accused allegedly offered a familiar rationale: the funds, they said, had been invested in a Singapore-based share market company, and delays were temporary. Police say this explanation was repeatedly used to deflect scrutiny and buy time.
The First Information Report, registered by Dhantoli police on December 19, names 10 accused individuals, including Samir Narvekar, his wife Neha, Pratik Jasutkar, and members of their immediate families. Investigators allege that the group jointly promoted the scheme, pooling investments through a private firm whose office operated from Dev Nagar Chowk on Khamla Road.
Authorities are now examining whether the promised overseas investments ever existed, and if investor funds were diverted elsewhere. The scale of deposits suggests a tightly coordinated operation rather than isolated transactions, police officials said.
Legal Provisions and Expanding Scrutiny
The case has been registered under multiple provisions of the Bharatiya Nyaya Sanhita, 2023 including sections dealing with cheating, criminal breach of trust, and common intention along with the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. The use of the state’s depositors’ protection law signals that investigators suspect systemic misuse of public funds rather than a simple contractual dispute.
So far, no arrests have been made. The investigation is being led by police sub-inspector Krishna Wagh, who is coordinating with financial experts to trace money flows and identify assets that could be attached if wrongdoing is established.
A Pattern Beyond Nagpur
As the inquiry deepens, police say the Nagpur case may be part of a broader pattern. Sources within the investigation indicate that similar allegations of non-payment have surfaced in other parts of Maharashtra, including Yavatmal, Chiplun, and Pune. In each instance, investors reported an identical sequence: initial payouts followed by sudden silence. The investigation remains ongoing, with authorities signaling that further complaints and potentially further cases may yet emerge.
