Navi Mumbai Police Bust Alleged ₹47-Crore Investment Scam; 2 Arrested, 4,500 Investors Allegedly Cheated
· Free Press Journal
Navi Mumbai, July 22: The Navi Mumbai Police's Financial Intelligence Unit (FIU) has unearthed a bogus investment racket in which nearly 4,500 investors were allegedly cheated of more than Rs 47 crore after being lured with promises of attractive monthly returns, hefty commissions and diamond gifts. Two key accused, including the company's CMD, have been arrested, while four other accused are currently wanted in the case.
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FIR Registered Against Accused
The action followed an anonymous complaint received by the FIU, which led to an inquiry into the activities of OSSAM SWADESH LLP. Based on the findings, the APMC Police registered an FIR against the company's CMD, Sunil Palve; Marketing Directors Jaydev Gambhe, Ashish Barve and Amol Jadhav; agents Navnath Repole and Dinesh Kolambe; along with other representatives and agents of the company.
The accused have been booked under Sections 316(5), 318(4) and 3(5) of the Bharatiya Nyaya Sanhita (BNS), besides Sections 3, 5 and 6 of the Banning of Unregulated Deposit Schemes Act, 2019. The police have arrested Sunil Palve and agent Navnath Repole, while efforts are underway to apprehend the four other wanted accused.
According to the police, the company enticed investors by offering lucrative monthly returns, referral commissions and diamond gifts in return for investments. To gain credibility, the accused initially paid returns to investors on time and even presented diamond gifts to some investors, claiming each gift was worth around Rs 1 lakh.
However, the police investigation revealed that the diamonds were of inferior quality and were actually valued at only around Rs 20,000. After collecting substantial investments from the public, the accused allegedly stopped making the promised payouts, leaving thousands of investors without their money.
Police Probe Money Trail
Preliminary investigation has revealed that the company mobilised over Rs 47 crore from around 4,500 investors, with a substantial portion of the funds suspected to have been misappropriated.
The police are examining the company's financial transactions, bank accounts, investment records and fund flow to determine the full extent of the fraud and identify all beneficiaries.
"We have gathered substantial evidence indicating that the accused systematically lured investors by promising unrealistic returns and attractive incentives. They initially honoured their commitments to build confidence before allegedly siphoning off the funds. Our investigation is now focused on tracing the money trail, analysing financial transactions, identifying all beneficiaries and ensuring that every person involved in the conspiracy is brought to justice," said Assistant Commissioner of Police (Economic Offences Wing) Vishal Hire.
The operation was carried out by the FIU and the Crime Branch under the guidance of ACP Vishal Hire, following directions from Police Commissioner Milind Bharambe, Joint Commissioner of Police Deepak Sakore, Additional Commissioner of Police (Crime) Pramod Shewale and Deputy Commissioner of Police (Crime Branch) Sachin Gunjal as part of the Navi Mumbai Police's crackdown on financial crimes.
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Further investigation is being conducted by Police Inspector Sadashiv Nikam of the Economic Offences Wing. The Navi Mumbai Police have appealed to citizens who invested in the scheme and suspect they have been cheated to approach the Economic Offences Wing with all relevant investment documents to assist the ongoing investigation.
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