Navi Mumbai, October 15, 2026: Around 300 investors are suspected to have been cheated of nearly Rs 15 crore in an alleged Ponzi scheme that promised returns of up to Rs 28 crore on an investment of Rs 5 lakh.
The Navi Mumbai Crime Branch’s Economic Intelligence Cell has arrested the alleged mastermind, Tirthankar Tusharkanti Sengupta, and his associate Jayant Oak, an agent in the scheme. The police suspect that at least 45 more agents were operating in the network and are searching for them.
Sengupta, 48, a resident of Kolkata, is suspected to be the mastermind behind the alleged fraud, while Oak, 58, a resident of Kamothe, allegedly worked as an agent to attract investors.
The scheme is suspected to have cheated around 300 people over the past two years, with investors allegedly putting in amounts ranging from Rs 3 lakh to Rs 5 lakh each. It is also reported that Sengupta was cheated in a similar manner around four years ago, which gave him the idea for the scheme.
Investors Lured With Extraordinary Returns
According to the police, the accused allegedly lured investors by claiming that the Central government had sold iridium particles to Germany for Rs 3.34 lakh crore.
They allegedly promised that a share of the purported proceeds would be distributed among investors, assuring returns of Rs 9 crore to Rs 28 crore on an investment of Rs 5 lakh by the end of November 2026.
The accused allegedly operated under the name ‘Custodian Beneficiary Associates of Partner’ and claimed that 50% of the purported proceeds, amounting to Rs 1.67 lakh crore, would be distributed among five custodians. The police suspect that the operation was a Ponzi scheme designed to attract investors with promises of extraordinary returns.
Police Use Decoy Investor To Bust Scheme
The alleged fraud came to light after the Economic Intelligence Cell received information about the scheme and deployed a police officer posing as a prospective investor.
The decoy met the accused at the Le Meridien hotel in Turbhe, where Sengupta allegedly promised returns of up to Rs 28 crore on an investment of Rs 5 lakh.
The decoy agreed to invest Rs 5 lakh and handed over Rs 1 lakh as an advance. The police then raided the hotel and arrested Sengupta and Oak.
“We suspect that around 300 investors have been cheated of approximately Rs 15 crore in this scheme. We are also looking for at least 45 more agents suspected to be involved in the racket. Further investigation is underway to establish the total extent of the fraud and identify everyone involved,” said Assistant Commissioner of Police Vishal Hire.
Also Watch:
A case has been registered at Turbhe police station under Sections 318(4), 316(5) and 61(2) of the Bharatiya Nyaya Sanhita, 2023, and Sections 3, 5, 21 and 23 of the Banning of Unregulated Deposit Schemes Act, 2019.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
