Two men arrested in Navi Mumbai for duping investors through fake iridium scheme
Navi Mumbai Police have arrested two men for allegedly orchestrating a large-scale fraudulent investment scheme centered on the sale of iridium, promising astronomical returns of up to ₹28 crore on an investment of ₹5 lakh. Preliminary inquiries indicate that the alleged racket has been operational since 2018 and may have duped around 300 people, many of whom reportedly invested between ₹4 lakh and ₹5 lakh.
Case registered and arrests
A case was registered at Turbhe Police Station on Wednesday, October 14, 2026, under Sections 318(4), 316(5) and 61(2) of the Bharatiya Nyaya Sanhita (BNS), along with relevant provisions of the Banning of Unregulated Deposit Schemes Act, 2019. The accused have been identified as Tirthankar Sanyal (48), a resident of Kolkata, West Bengal, and Jayant Anant Oak (58), a resident of Kamothe, Navi Mumbai. Investigating officers seized two mobile phones and a hard disk from the duo. Police said four other suspects linked to the scheme are being traced.
How the alleged scheme worked
According to investigators, the accused lured investors with claims that significant iridium reserves were available along the West Bengal–Bangladesh border and that the Central government had agreed to purchase the material for ₹3.34 lakh crore. They allegedly told prospective investors that 50% of the proceeds—amounting to ₹1.67 lakh crore—would be shared among them.
Police added that the men bolstered their pitch by falsely claiming partnerships with the Variable Energy Cyclotron Centre (VECC) in Kolkata and approvals from the West Bengal government. These assertions were allegedly supported by fabricated certificates and documents presented to investors to lend legitimacy to the scheme.
Undercover operation and sting meeting
The alleged fraud came to light after the Economic Offences Wing (EOW) received a tip-off and deployed an officer to pose as a prospective investor. On October 13, the officer met Sanyal at Hotel Le Meridien in Turbhe. During this meeting, Sanyal allegedly offered returns ranging from ₹9 crore to ₹28 crore by November 2026 against an upfront investment of ₹5 lakh and agreed to accept an initial payment of ₹1 lakh.
Network of agents and suspected scale
Investigators said the accused had allegedly appointed agents across several States, offering commissions of ₹2 lakh to ₹8 lakh for each investor recruited. Based on initial findings, around 300 individuals are suspected to have invested in the scheme. The total amount collected is yet to be ascertained and remains under investigation.
Ongoing investigation
Police said efforts are underway to identify additional suspects, dismantle the wider network behind the alleged operation and trace the funds collected from investors. The four suspects currently at large are being tracked.
Appeal to victims
The Economic Offences Wing has appealed to individuals who may have invested in the scheme to come forward. Victims have been asked to contact the Navi Mumbai Police or call 7700920766.
The case, registered under the BNS and the Banning of Unregulated Deposit Schemes Act, underscores the scale of the alleged iridium investment racket and the ongoing effort by investigators to identify victims, account for funds and secure further arrests.
