The Economic Offences Department (EOD) of the Mumbai Police apprehended a man for running a Ponzi scheme that duped 42 investors of around Rs 30.26 crore. The scheme enticed investors with promises of high returns through a stock market investment app called Investok, offering monthly returns of two to five percent.
Authorities revealed that the illicit scheme operated as an unauthorized deposit program, causing significant financial harm to numerous investors. A case has been filed against the accused under applicable laws, with the EOD in Mumbai overseeing the investigation. Prior to the case, the accused had evaded authorities by changing identities and locations.
Law enforcement officers tracked down the accused in Dumas, Surat, Gujarat, seizing approximately Rs 1.65 crore from him. The operation, conducted with the guidance of Senior Police Inspector Ganesh Pawar, involved a team led by Senior Superintendent of Police (SSP) Shrikant Dhumal. Officials cautioned the public against falling for Ponzi schemes, urging investors to verify the legitimacy of investment plans before committing funds.
The investigation remains ongoing as the EOD delves into the financial trail to identify more victims and unravel the full scope of the network.
