The Navi Mumbai Police has arrested two men for allegedly running a fraudulent iridium investment scheme that promised returns of up to ₹28 crore on an investment of ₹5 lakh. Preliminary investigations suggest that around 300 people were duped of ₹4 lakh to ₹5 lakh each since 2018.

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) and 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. Police seized two mobile phones and a hard disk from the accused. Four other suspects are being traced.

According to police, the accused claimed that iridium reserves were available along the West Bengal-Bangladesh border and that the Central government had agreed to purchase it for ₹3.34 lakh crore. They allegedly promised to distribute 50% of the proceeds, amounting to ₹1.67 lakh crore, among investors.

The accused also allegedly claimed to have partnered with the Variable Energy Cyclotron Centre in Kolkata and secured approval from the West Bengal government. Police said these claims were false and that the accused used fabricated certificates and documents to convince investors of the scheme’s legitimacy.

The fraud came to light after the Economic Offences Wing (EOW) received information about the scheme and sent an officer posing as a prospective investor. On October 13, the officer met Sanyal at Hotel Le Meridien in Turbhe, where he allegedly promised returns of ₹9 crore to ₹28 crore by November 2026 against an investment of ₹5 lakh. Sanyal also agreed to accept ₹1 lakh as an initial payment.

Investigators found that the accused had allegedly appointed agents across several States, offering them commissions of ₹2 lakh to ₹8 lakh for recruiting investors. Around 300 people are suspected to have invested in the scheme, although the total amount collected remains under investigation.

Further investigation is under way to identify other suspects and trace the money collected.

The Economic Offences Wing (EOW) has appealed to other victims of the scheme to contact the Navi Mumbai Police or call 7700920766.