Mumbai crime branch arrests mastermind of Rs 50 crore Ponzi scam
Mumbai: The city crime branch on Friday arrested Deepak Kumar Jain (65), the alleged mastermind of the Ponzi investment scam involving nearly Rs 50 crore and more than 950 investors.
The accused floated a fake business under the name AJ Enterprises, Traders and Franchise Service, promising high monthly returns on investments.
Last week, the property cell of the crime branch arrested three directors of the company—Ankit Jain, Hetul Ranka, and Omkar Shivshankar Singh for allegedly defrauding hundreds of investors across Mumbai, Thane, Palghar, and Navi Mumbai. The latest arrest of Deepak Jain was made following fresh evidence linking him to the financial racket.
The case came to light when actress Madhuri Pandey filed a complaint stating she and her son invested Rs 2 lakh after being lured by promises of 15% monthly returns in a stationery manufacturing venture. The accused claimed their firm ran a factory, AJ Copier, at MIDC Tarapur, and operated from an office at Shivam Chambers in Goregaon to appear legitimate.
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Investigators revealed that the company operated a classic Ponzi-style scheme, enticing investors through agents, false receipts, and word-of-mouth marketing.
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Many were shown fake documentation and given verbal guarantees of regular returns. Preliminary analysis of digital and financial records indicates transactions worth over Rs 49 crore, with victims reportedly handing over cash, cheques, and even gold ornaments, for which no official receipts were issued.
Police said the accused reportedly threatened and assaulted several investors who demanded returns. Videos of such assaults, including the beating of victims Sunil Satam and Yogesh Lad, were recovered from the mobile phones of Ankit Jain and Omkar Singh.
The evidence was retrieved from WhatsApp messages and has been preserved under official panchnamas.
The probe has so far uncovered 30 bank accounts linked to the accused spread across 12 banks including HDFC, ICICI, Kotak Mahindra, Yes Bank, and Union Bank. Authorities are also tracking suspicious agent accounts used to funnel investor money. Computers seized from the Goregaon office and from Deepak Jain's private firm Deepak D.
Jain and Associates contained detailed investor data and Tally records confirming the extent of the scam.
The police have contacted NSDL, CDSL, CIBIL, Facebook, and the hosting services of company websites to freeze digital assets, insurance policies, and stock holdings linked to the accused.
Statements from over 75 witnesses have been recorded, including elderly victims and women who allege intimidation and abuse. Police say the accused continue to provide evasive answers and have not fully cooperated with investigators, making it difficult to determine the exact number of victims and the total financial damage, added the officer.
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