A 48-year-old man and his 22-year-old son were arrested in Phulera, Jaipur district, for running a massive Ponzi scheme disguised as a high-return investment firm. The duo, Lokesh Joshi and his son Nikhil Joshi, are accused of cheating investors out of crores of rupees under the pretext of stock market trading.
Jaipur (Rural) SP Anand Sharma stated that several complaints had been lodged against the two. Investigations revealed that instead of genuine trading, the Joshi duo ran a money rotation scheme, using new investors’ funds to pay earlier investors, a classic hallmark of a Ponzi setup.
According to one complaint, the two solicited lakhs of rupees from victims, promising exorbitant profits within just 45 days. Once the scheme ballooned, they vanished, leaving investors in shock.
Initially, Lokesh worked as a fast-food vendor near Ajmer Road but struggled with debt during the COVID-19 pandemic. In 2022, he sold his home to repay loans. Meanwhile, his son Nikhil began experimenting with futures and options trading and saw small profits.
Sensing an opportunity, the pair launched an “investment company” in Phulera. Starting with close contacts, they used social media to flaunt luxury cars—Mercedes, Jaguar, BMW—gold jewellery, bikes, and a lavish four-story home. Videos of grand birthday parties and massive “returns” lured more victims.
By early 2024, the scheme had collected crores of rupees. But when the flow of new investors slowed, payouts stopped. Soon after, they locked up their office and rented home in Anu Vihar Colony and disappeared.
Authorities believe the Joshi duo defrauded people across regions, including Kishangarh in Ajmer. The exact amount is under investigation.
