Thane Multi-Crore Ponzi Scam Uncovered: 4 Arrested in Major Financial Fraud

Thane Multi-Crore Ponzi Scam Uncovered: 4 Arrested in Major Financial Fraud

Thane: The Economic Offences Wing (EOW) of Thane City Police has exposed a multi-crore Ponzi and investment fraud orchestrated by Phoenix Investments in Dombivli, which duped thousands of investors—mostly working-class individuals—out of their savings.

How the Scam Operated

Operating for the past three to four years, Phoenix Investments promised high returns and initially paid out investors until early 2024. Subsequently, the masterminds and their accomplices allegedly fled the city with crores of rupees, leaving offices and branches closed and investors in distress.

Hundreds of affected investors sought legal help from Advocate Sangram Ghuge Patil. He stated, “Hundreds of investors, mostly working-class people, approached me after losing their hard-earned money in fraudulent schemes promoted by Phoenix Investments. A complaint was filed with the Dombivli police, and the EOW Thane took over the investigation.”

Investigation and Arrests

The EOW registered a case under the Indian Penal Code for cheating and fraud and the Maharashtra Protection of Interest of Depositors (MPID) Act. Accused include Gaurav Bhagat, Vikin Patne, Devendra Tambe, Paresh Bhoir, Darshan Mhatre, Dioesh Dandekar, and two others, along with Phoenix Investments and Phoenix Financial Solution LLP, operating fraudulent schemes since 2021.

Using technical surveillance and human intelligence, the EOW traced and arrested four key accused: Gaurav Bhagat, Devendra Tambe, Vikin Patne, and Amol Tayde, an agent who lured investors into the scheme. All four have been remanded to police custody until October 6.

Ongoing Probe and Investor Alert

Authorities are actively tracing the invested funds to recover deposits for victims. An EOW spokesperson said, “The investigation will continue to ensure justice for investors who lost their hard-earned money in this elaborate Ponzi scheme.”

The Phoenix Investments scam underscores the importance of vigilance among investors, particularly in smaller urban centres, against schemes promising unusually high returns.