Mumbai Police bust ₹30.26 crore Ponzi scheme, arrest operator behind Investok app fraud
Synopsis
Mumbai's Economic Offences Department tracked a fugitive Ponzi operator across state lines to Surat, seizing ₹1.65 crore in cash — but the bigger number is ₹30.26 crore allegedly siphoned from 42 investors through the Investok app. With the financial trail still being examined, the full scale of the network may be larger than currently known.
Key Takeaways
The Economic Offences Department (EOD) of Mumbai Police arrested the accused on 4 July from Dumas, Surat, Gujarat .
The alleged Ponzi scheme, operated through the Investok app, cheated 42 investors of nearly ₹30.26 crore .
Investors were promised monthly returns of 2 to 5 per cent on stock market investments — a classic Ponzi lure.
Approximately ₹1.65 crore in cash was seized from the accused at the time of arrest.
The EOD is continuing to trace the financial trail to identify further victims and the full extent of the network.
Mumbai Police has advised investors to verify RBI registration and legal credentials before investing in any scheme.
The Economic Offences Department (EOD) of the Mumbai Police has arrested a man accused of running an alleged Ponzi scheme through the Investok app, which reportedly defrauded 42 investors of nearly ₹30.26 crore by promising monthly returns of 2 to 5 per cent on stock market investments, officials said on Saturday, 4 July. The accused had evaded law enforcement for a considerable period before being tracked down in Surat, Gujarat.
How the Scheme Operated
According to investigators, the accused lured investors into the Investok platform by guaranteeing unusually high monthly returns through purported stock market activity. Authorities allege the operation functioned as an unauthorised deposit scheme, resulting in substantial financial losses for dozens of individuals. The scheme bears the hallmarks of a classic Ponzi structure — early investors reportedly received returns funded by fresh deposits rather than actual market gains.
The Arrest and Evidence Seized
Before the case was formally registered, the accused had reportedly remained absconding for an extended period, frequently changing aliases and shifting locations to evade detection. EOD officers from Cell-5, using technical leads and intelligence inputs, tracked him to Dumas in Surat, Gujarat. A team led by Senior Superintendent of Police (SSP) Shrikant Dhumal (Investigation Officer), along with SSP Umesh Shinde, S.F. Deshpande, and P.H. Thakur, and with assistance from local police, carried out the arrest. Approximately ₹1.65 crore in cash was seized from the accused at the time of arrest. The operation was conducted under the supervision of Senior Police Inspector Ganesh Pawar.
Legal Action and Investigation Status
A case has been registered against the accused under relevant provisions of law. The Economic Offences Department is now examining the financial trail to identify additional victims and determine the full scale of the network. Officials indicated the investigation is ongoing, and more arrests or disclosures cannot be ruled out as the probe deepens.
Public Advisory from Mumbai Police
Alongside the arrest, the EOD issued a public advisory cautioning investors against schemes that promise unusually high or guaranteed returns. 'The public is warned against Ponzi schemes promising high returns. Investors should verify scheme credibility, legal registration and RBI permissions before investing,' officials stated. Victims of the Investok scheme have been asked to contact the Economic Crimes Department in Mumbai with relevant investment documents. This advisory comes amid a broader national pattern of app-based investment fraud that has surged in recent years, with regulators repeatedly flagging the risks of unregistered platforms.
Point of View
High reach, and victims who are often too embarrassed to report early. The Investok case is notable not just for the ₹30.26 crore figure, but for the accused's operational discipline: changing aliases, shifting cities, and staying absconding until technical surveillance caught up. The ₹1.65 crore seized at arrest is a fraction of the alleged proceeds, raising pointed questions about where the rest of the money went and whether the network has other beneficiaries. The EOD's cross-state coordination with Surat police is a positive signal, but the real test is whether the financial trail leads to asset recovery for the 42 known victims — and how many more remain unidentified.
NationPress
4 Jul 2026
Frequently Asked Questions
What is the Investok app Ponzi scheme case?
The Investok app was allegedly used by the accused to collect money from investors by promising monthly returns of 2 to 5 per cent through stock market investments. According to Mumbai Police, the scheme cheated 42 investors of nearly ₹30.26 crore and operated as an unauthorised deposit scheme.
Where and how was the accused arrested?
The accused was arrested from Dumas in Surat, Gujarat, after EOD Cell-5 officers tracked him using technical leads and intelligence. He had reportedly been absconding for a considerable period, using multiple aliases and changing locations to evade police.
How much money was seized at the time of arrest?
Approximately ₹1.65 crore in cash was seized from the accused at the time of his arrest in Surat. The Economic Offences Department is continuing to trace the remaining funds through the financial trail.
What should victims of the Investok scheme do?
Mumbai Police has asked victims to contact the Economic Crimes Department in Mumbai with their relevant investment documents. Authorities are examining the financial trail and are looking to identify additional victims beyond the 42 currently known.
How can investors protect themselves from Ponzi schemes?
Mumbai Police advises investors to verify the legal registration, RBI permissions, and credibility of any investment scheme before committing funds. Schemes promising unusually high or guaranteed returns — such as fixed monthly percentages on market investments — are a key red flag.
