Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police, which is probing an alleged Ponzi investment scheme, is now reaching out to nearly 1,000 investors to identify more victims and ascertain the total amount collected by the accused. Police said around 700 letters have already been sent to investors, asking them to approach the EOW and formally lodge their complaints.
Four Arrested Over High-Return Investment Scheme
The move comes days after the EOW arrested four people in mid-August for allegedly running an investment scheme that promised gullible investors returns of 7 to 8 per cent per month. According to the police, the amount involved in the alleged fraud has so far crossed ₹57 crore.
The alleged scheme came to light after the EOW's Economic Intelligence Unit conducted an undercover operation. Police said the scheme had been operating for nearly a year through a company and its digital platforms.
Police Analyse Website And App Transactions
"We analysed the website and the application operated by the accused and found that around ₹57 crore had been collected from investors," a police officer said. Investigators are now examining the transactions to determine how much money was collected in cash. Police said that after receiving the letters, around a dozen investors had approached the EOW office and lodged complaints till Saturday, according to an officer.
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, including the RBI and SEBI, police said.
Four Accused Lodged In Arthur Road Jail
The four arrested accused have been identified as Shrikrishna Chavan, chairman and executive director of the company; Ankush Parte, executive director; Dr Sudesh Mohite, an agent; and Subhash Pandere, another director. All four are currently lodged in Arthur Road Jail.
Investigators said the accused allegedly organised promotional activities to attract investors and agents. Around 60 people were taken to Thailand, where they were allegedly persuaded to join and promote the scheme. According to police, the accused projected themselves as civic contractors and investors involved in gaming applications and cryptocurrency.
The accused allegedly organised meetings and brainstorming sessions for agents at hotels and resorts in New Delhi, Goa and Manali, where they were allegedly provided a lavish lifestyle to encourage them to bring in more investors.
The investigation has also revealed that the accused allegedly purchased around 25 acres of land in Kolhapur, which they planned to sell to investors, police said. The EOW has written to the concerned authorities seeking initiation of the process to attach the properties. According to investigators, the scheme offered investment plans starting at ₹1,500, making it accessible to a large number of small investors.
During the investigation, the EOW seized ₹12 lakh in cash, two vehicles, nine bank accounts and seven laptops/desktops, police said. The EOW is now examining the financial trail, identifying additional investors and agents, and determining the total amount collected through the alleged scheme.
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