The Economic Offences Wing (EOW) of Thane City Police has arrested four individuals and uncovered a massive investment fraud that cheated over 100 working-class investors of their savings. Operating under the names Phoenix Investments and Phoenix Financial Solutions LLP in Dombivli, the scam ran for nearly four years, luring investors with an unrealistic promise of 6% monthly returns.
The accused include Gaurav Bhagat, Vikram Patne, Devendra Tambe, Paresh Bhoir, Darshan Mhatre, Dipesh Dandekar, and others. Using a combination of technical surveillance and intelligence inputs, EOW arrested Bhagat, Patne, Tambe, and Amol Tayde. The four have been remanded to police custody until October 9.
Officials revealed that the fraudsters initially gained the trust of investors by providing regular payouts until early 2024. However, as the investment pool expanded, the operators allegedly absconded with the collected funds.
Authorities are continuing their investigation to track the whereabouts of the remaining accused and recover investor money.
