Navi Mumbai Police have arrested two men in an alleged Ponzi scheme that investigators suspect cheated around 300 investors of nearly ₹15 crore over the past two years.
The arrested men have been identified as Tirthankar Tusharkanti Sengupta, 48, a Kolkata resident suspected of running the scheme, and Jayant Oak, 58, from Kamothe, who allegedly worked as an agent.
Police believe at least 45 more agents may have been involved and are now trying to trace them.
The allegations remain under investigation and have not been proved in court.
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Investors Were Promised Crores on ₹5 Lakh Deposits
According to police, investors were asked to put in between ₹3 lakh and ₹5 lakh.
They were allegedly told that a ₹5 lakh investment could generate returns ranging from ₹9 crore to ₹28 crore by the end of November 2026.
The promise was linked to an extraordinary story.
Investigators say the accused claimed that the Central Government had sold iridium particles to Germany for around ₹3.34 lakh crore.
They allegedly told investors that part of the proceeds would be distributed among people who joined the scheme.
The operation reportedly functioned under the name “Custodian Beneficiary Associates of Partner”.
Police allege that investors were told that 50% of the supposed sale proceeds, amounting to ₹1.67 lakh crore, would be divided among five custodians and their beneficiaries.
There is no indication that the claimed government transaction was genuine.
The returns being promised were also many times larger than the amount invested, which should have been a major warning sign.
Police Used a Decoy Investor to Test the Scheme
The Economic Intelligence Cell of Navi Mumbai Crime Branch acted after receiving information about the alleged operation.
Instead of waiting for more investors to come forward, police deployed an officer posing as a prospective customer.
The decoy met the accused at a hotel in Turbhe.
During the meeting, Sengupta allegedly repeated the claim that an investment of ₹5 lakh could return as much as ₹28 crore.
The decoy agreed to participate and handed over ₹1 lakh as an advance.
Police then raided the location and arrested Sengupta and Oak.
Investigators are now examining documents, communications and financial transactions connected to the scheme.
The case has been registered at Turbhe police station under provisions of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act, 2019.
What Makes This a Suspected Ponzi Scheme
A Ponzi scheme uses money from newer investors to pay or reassure earlier participants instead of generating genuine profits through a real business.
The structure can continue only as long as fresh money keeps coming in.
Once new investments slow down, the scheme usually collapses because there is no real income large enough to meet the promised returns.
Police suspect the Navi Mumbai operation followed this pattern.
The unusually high returns are one of the clearest red flags.
A return of ₹9 crore or ₹28 crore on a ₹5 lakh investment would multiply the original amount many times over within a short period.
No ordinary regulated investment can offer that kind of assured return without extreme risk.
Schemes built around secret government transactions, rare metals, foreign deals or supposedly confidential funds often rely on complicated stories because those claims are difficult for ordinary investors to verify quickly.
Police Search for Dozens of Alleged Agents
The investigation is now widening beyond the two arrests.
Police suspect at least 45 agents may have helped bring investors into the network.
Agents can play an important role in such schemes because victims are more likely to trust a friend, neighbour or local contact than a stranger.
That personal trust can make unrealistic promises seem credible.
Investigators estimate that around 300 people may have invested over the past two years.
The suspected loss currently stands at around ₹15 crore, but the amount could change as more complainants come forward and police examine additional transactions.
Police will also need to determine where the money was ultimately transferred, whether earlier investors were paid using later deposits and how much commission was given to intermediaries.
A separate Navi Mumbai investment racket uncovered in July involved around 4,500 investors and more than ₹47 crore, showing that high-return schemes continue to attract victims despite repeated enforcement warnings.
That earlier case is unrelated to the present investigation but reflects the same basic pattern: unusually high promised returns, referral networks and investors relying heavily on claims made by intermediaries.
What this means for you:
Any investment promising crores in return for a few lakhs within months should be treated as a major warning sign. Verify the company, regulator registration and underlying business independently before transferring money.
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