Navi Mumbai [India], October 16: The Navi Mumbai Crime Branch has arrested two men for allegedly running a fraudulent investment scheme linked to iridium particles, promising investors extraordinary returns of up to ₹28 crore on an investment of ₹5 lakh. The alleged scam came to light after the police conducted an undercover operation in Turbhe.
According to media reports, the accused allegedly claimed that iridium had been discovered near the West Bengal-Bangladesh border and that its purported sale to Germany had generated proceeds worth ₹3.34 lakh crore. Investors were allegedly told that they would receive a share of this money after certain formalities were completed.
The arrested accused have been identified as Tirthankar Tusharkanti Sengupta, 48, a resident of Kolkata, and Jayant Anant Oak, 58, from Kamothe in Navi Mumbai. Police suspect that the scheme operated through a network of agents who approached prospective investors with promises of unusually high returns.
Police Conduct Undercover Operation
The alleged fraud was uncovered after the Economic Intelligence Cell of the Navi Mumbai Crime Branch received information about the investment scheme. Assistant Police Inspector Suraj Gore reportedly posed as a prospective investor to verify the claims being made by those involved.
According to reports, a meeting was arranged at a hotel in Turbhe on October 13. During the meeting, the undercover officer was allegedly promised returns ranging from ₹9 crore to ₹28 crore by the end of November 2026 on an investment of ₹5 lakh.
The officer reportedly handed over ₹1 lakh as an advance payment. Police then took action and arrested the two accused. Investigators are examining the scheme’s operations, the money collected and the possible involvement of additional agents.
Hundreds of Investors May Have Been Affected
Initial reports indicate that approximately 300 investors may have been cheated, with the suspected amount involved estimated at nearly ₹15 crore. Other reports have cited a figure of around 500 investors, based on claims allegedly made during the investigation. The exact number of victims and the total financial loss remain subject to verification.
Investigators suspect that the scheme relied on a network of custodians, beneficiaries and agents to attract investments. Individual investors were allegedly encouraged to contribute several lakh rupees in anticipation of substantial returns. Police are investigating the flow of funds and attempting to identify other people who may have been involved.
The allegations also suggest that investors had not received the promised returns or recovered their original investments. Authorities are examining the claims and collecting evidence as part of the ongoing investigation.
Case Registered Under Financial Fraud Laws
A case has been registered against the accused under relevant provisions of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act, 2019. The investigation is continuing to establish the full scale of the alleged operation and determine whether additional individuals participated in it.
Police are urging anyone who believes they have been affected by the alleged scheme to contact the authorities. Media reports have cited the Economic Intelligence Cell helpline number 7700920766 for potential victims.
The case serves as a reminder to investors to exercise caution when approached with schemes promising extraordinarily high or guaranteed returns. Before investing, individuals should verify the legitimacy of the company, the investment product and the regulatory approvals involved.
The allegations against the arrested men have yet to be established in court, and the investigation remains ongoing.
This report is based on published media coverage of the police investigation. The allegations remain subject to legal proceedings.
