Investment Fraud – Mumbai Police Arrest Suspect in Rs 30 Crore Investor Case
Investment Fraud – Mumbai Police’s Economic Offences Department has arrested a man in connection with an alleged investment fraud that reportedly caused losses of about Rs 30.26 crore to 42 investors. Police said the accused is suspected of running a Ponzi-style operation through a stock market investment platform and promising returns that were not supported by legitimate investment activity.
Investors Were Promised Monthly Returns
According to the investigation, investors were encouraged to place money through an application called Investok. The accused allegedly claimed that participants could earn monthly returns of between two and five per cent through stock market investments.
Police believe the operation collected funds from investors without the required approvals and functioned as an unauthorised deposit scheme. The alleged arrangement later resulted in significant losses for people who had invested their savings through the platform.
Police Register Case Under Relevant Laws
The Economic Offences Department has registered a case against the accused under applicable legal provisions. Officials said investigators are examining how money was collected, where it was transferred and whether other people were involved in managing or promoting the investment operation.
The department is also reviewing documents and digital records linked to the app, investor payments and bank transactions. The inquiry is expected to determine whether more investors were affected by the alleged scheme.
Suspect Allegedly Used Aliases While Evading Arrest
Police said the accused had been untraceable for a substantial period before the case was formally registered. During that time, he allegedly changed locations frequently and used different names to avoid being identified by law enforcement agencies.
Investigators from EOD Cell-5 reportedly developed technical leads and intelligence inputs that helped locate him in Dumas, near Surat in Gujarat. A Mumbai Police team then travelled to the area and carried out the arrest with support from local police officials.
Cash Worth Rs 1.65 Crore Seized During Operation
Officials said approximately Rs 1.65 crore was recovered from the accused following the arrest. The operation was led by Senior Superintendent of Police Shrikant Dhumal, who is the investigating officer in the case. Other officers involved included SSP Umesh Shinde, S.F. Deshpande and P.H. Thakur.
The action was conducted under the supervision of Senior Police Inspector Ganesh Pawar, according to the department. Police have not yet disclosed whether the seized amount represents investor funds or proceeds linked to the alleged investment operation.
Financial Trail and Wider Network Under Review
The EOD is continuing its investigation and is working to trace the movement of money connected with the alleged fraud. Officials are also checking whether the accused had associates, agents or other intermediaries who helped bring investors into the scheme.
Authorities said the financial review may help identify additional victims and establish the broader structure of the network. Further legal action could depend on evidence gathered during the ongoing inquiry.
Police Advise Caution Before Making Investments
Mumbai Police has urged people to remain cautious about investment offers that promise fixed, unusually high or guaranteed returns. Officials advised potential investors to check whether a company or scheme is legally registered and whether it has the necessary permissions from financial regulators, including the Reserve Bank of India where applicable.
People who believe they may have invested in the alleged scheme have been asked to approach the Economic Offences Department in Mumbai with relevant records, including payment receipts, account details, app information and investment documents.