New Delhi: A 36-year-old advocate, Sanjay, has been arrested for allegedly masterminding a Rs100 crore investment fraud that duped around 200 investors through a Ponzi-style scheme promising high stock market returns.
Sanjay, a resident of Geeta Colony in east Delhi and a former practitioner at Karkardooma Court, was apprehended following a detailed investigation by the Economic Offences Wing (EOW). Police said he partnered with co-accused advocate Deepak Thakur to operate the fraudulent investment operation.
According to Additional Commissioner of Police (EOW) Amrutha Guguloth, the accused lured investors by promising a fixed 8% monthly return, claiming they had developed proprietary algorithm-based trading strategies capable of generating profits exceeding 20%.
To gain credibility, initial investors were reportedly paid returns using funds collected from new investors. However, the scheme eventually collapsed when the operators allegedly siphoned off the funds and stopped payments.
Investigators revealed that the accused routed the collected money through multiple shell companies. During the probe, the EOW traced a land purchase worth approximately Rs10 crore in Chhata tehsil of Mathura, allegedly acquired using the defrauded funds.
So far, at least 56 complaints have been registered, with total investments estimated at nearly ₹100 crore. Police said further investigation is underway to trace additional assets and identify other possible victims.
