Navi Mumbai police have arrested two men in connection with an alleged investment fraud that investigators believe may have affected around 300 investors and involved approximately ₹15 crore over two years. Police suspect the operation attracted participants by promising extraordinary returns linked to an alleged government transaction involving iridium.
The case remains under investigation, and the allegations against the arrested individuals have not been proven in court.
Two Men Arrested as Police Investigate Suspected Investment Network
The accused have been identified as Tirthankar Tusharkanti Sengupta, 48, a resident of Kolkata, and Jayant Oak, 58, from Kamothe. According to the report, investigators suspect Sengupta was operating the scheme, while Oak allegedly acted as an agent.
Police are also attempting to trace at least 45 other suspected agents who may have helped bring investors into the network. Investigators will need to establish each individual's alleged role and determine how funds moved through the operation.
Investors Allegedly Lured by Extraordinary Return Promises
According to police, prospective investors were encouraged to deposit between ₹3 lakh and ₹5 lakh. They were allegedly told that an investment of ₹5 lakh could generate returns of between ₹9 crore and ₹28 crore by the end of November 2026.
The pitch reportedly revolved around a claim that the Central Government had sold iridium particles to Germany for approximately ₹3.34 lakh crore. Investors were allegedly told that a portion of the supposed proceeds would be distributed among participants operating under the name “Custodian Beneficiary Associates of Partner”.
Investigators say the scheme's promoters allegedly claimed that 50% of the purported proceeds—around ₹1.67 lakh crore—would be distributed among five custodians and their beneficiaries. The supplied report does not establish that the claimed government transaction took place.
The enormous promised returns and reliance on an extraordinary, difficult-to-verify financial story are significant warning signs for potential investors.
Decoy Operation Leads to Arrests
The Economic Intelligence Cell of the Navi Mumbai Crime Branch reportedly began investigating after receiving information about the suspected scheme.
According to the report, an officer posed as a prospective investor and met the accused at a hotel in Turbhe. During the meeting, Sengupta allegedly repeated the claim that ₹5 lakh could yield as much as ₹28 crore.
The decoy reportedly handed over ₹1 lakh as an advance before police conducted a raid and arrested the two men.
Investigators are now examining documents, communications and financial transactions connected to the alleged operation. The case has reportedly been registered at Turbhe police station under provisions of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act, 2019.
Why the Alleged Scheme Has Raised Ponzi Fraud Concerns
A Ponzi scheme typically uses money collected from newer participants to pay earlier investors, creating the impression that the operation is generating legitimate returns. Without genuine income to support the promised payouts, such arrangements can collapse when new investments decline.
Police suspect the Navi Mumbai operation may have followed a similar pattern. However, investigators will need to examine the financial records to establish how investor funds were used and whether payments to earlier participants came from subsequent deposits.
Schemes built around secret government deals, rare commodities or confidential international transactions can also make independent verification difficult. Investors should be particularly cautious when promoters promise enormous, near-certain returns without providing verifiable evidence of a legitimate underlying business.
Police Suspect Around 300 Investors May Have Been Affected
Investigators estimate that approximately 300 people may have invested in the alleged operation over the past two years. The suspected loss currently stands at around ₹15 crore, although the figure could change as additional complaints and financial records are examined.
Police are expected to investigate where the money was transferred, whether intermediaries received commissions and whether any funds were returned to earlier investors.
The report also refers to a separate Navi Mumbai investment case uncovered in July that allegedly involved around 4,500 investors and losses exceeding ₹47 crore. That case is unrelated to the current investigation, but it highlights the need for careful scrutiny of investment offers built around referral networks and unusually high returns.
How Investors Can Recognise Potential Fraud
Before transferring money into an investment, individuals should independently verify the business, its regulatory status and the source of its claimed earnings. Documents or verbal assurances from an agent should not be treated as proof that a transaction is genuine.
Warning signs include guaranteed extraordinary profits, pressure to invest quickly, complicated explanations involving secret deals, and an inability to verify the underlying transaction through reliable sources.
Investors who suspect financial misconduct should preserve payment receipts, bank statements, messages, contracts and details of the people who solicited their money. These records may help authorities trace transactions and investigate complaints.
For businesses reviewing suspicious transactions and financial records, Shunyatax financial investigation services may be relevant to understanding financial irregularities and supporting investigative review.