Latest news with #AJEnterprises
Time of India
a day ago
- Business
- Time of India
Mumbai crime branch arrests mastermind of Rs 50 crore Ponzi scam
Mumbai: The city crime branch on Friday arrested Deepak Kumar Jain (65), the alleged mastermind of the Ponzi investment scam involving nearly Rs 50 crore and more than 950 investors. The accused floated a fake business under the name AJ Enterprises, Traders and Franchise Service, promising high monthly returns on investments. Last week, the property cell of the crime branch arrested three directors of the company—Ankit Jain, Hetul Ranka, and Omkar Shivshankar Singh for allegedly defrauding hundreds of investors across Mumbai, Thane, Palghar, and Navi Mumbai. The latest arrest of Deepak Jain was made following fresh evidence linking him to the financial racket. The case came to light when actress Madhuri Pandey filed a complaint stating she and her son invested Rs 2 lakh after being lured by promises of 15% monthly returns in a stationery manufacturing venture. The accused claimed their firm ran a factory, AJ Copier, at MIDC Tarapur, and operated from an office at Shivam Chambers in Goregaon to appear legitimate. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Investigators revealed that the company operated a classic Ponzi-style scheme, enticing investors through agents, false receipts, and word-of-mouth marketing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo Many were shown fake documentation and given verbal guarantees of regular returns. Preliminary analysis of digital and financial records indicates transactions worth over Rs 49 crore, with victims reportedly handing over cash, cheques, and even gold ornaments, for which no official receipts were issued. Police said the accused reportedly threatened and assaulted several investors who demanded returns. Videos of such assaults, including the beating of victims Sunil Satam and Yogesh Lad, were recovered from the mobile phones of Ankit Jain and Omkar Singh. The evidence was retrieved from WhatsApp messages and has been preserved under official panchnamas. The probe has so far uncovered 30 bank accounts linked to the accused spread across 12 banks including HDFC, ICICI, Kotak Mahindra, Yes Bank, and Union Bank. Authorities are also tracking suspicious agent accounts used to funnel investor money. Computers seized from the Goregaon office and from Deepak Jain's private firm Deepak D. Jain and Associates contained detailed investor data and Tally records confirming the extent of the scam. The police have contacted NSDL, CDSL, CIBIL, Facebook, and the hosting services of company websites to freeze digital assets, insurance policies, and stock holdings linked to the accused. Statements from over 75 witnesses have been recorded, including elderly victims and women who allege intimidation and abuse. Police say the accused continue to provide evasive answers and have not fully cooperated with investigators, making it difficult to determine the exact number of victims and the total financial damage, added the officer.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Three arrested for running Ponzi scheme, duping investors of ₹25 crore, assaulting clients
MUMBAI: The property cell of the crime branch has arrested three men for a Ponzi scheme in which several investors were duped of around ₹ 25 crore. The accused also allegedly threatened and assaulted their clients, said the police. Arrested computer hacker and cyber criminal with handcuffs, close up of hands (Getty Images/iStockphoto) The accused were identified as Ankit Jain, Hetul Ranka and Omkar Singh. Jain and Ranka are childhood friends with a masters in business administration (MBA). Together they began AJ Enterprises, a firm with an office in Goregaon which supplies computer accessories and other stationery. According to the police, the accused told their customers that they will soon be launching a factory to manufacture A4 size paper and began offering part ownership of the new franchise to clients in exchange for deposits. The police said the accused also promised clients that they had another investment business which was offering 18% monthly returns. They even hired agents to convince prospective clients that they would make a 10%-15% interest on their investments, and promised the agents a commission fee, said police inspector Mangesh Desai of the property cell. So far the police crime branch has recorded 200 people who bought into their lies, some even selling their property, gold ornaments, and taking police have recorded the victims' statements and as of now the fraud adds up to around ₹ 25 crore. The incident came to light after the accused were short on money and stopped paying interest to their clients and refused to return the original amount. When clients protested the accused threatened them, beat them, and filmed the assault in a dark room in their office, said the police. The police heard of the crime through their sources last week, conducted a preliminary investigation and then registered a case against Jain, Ranka and Singh and arrested them. The police added that Jain and Ranka have cases against them for previous crimes with a similar modus operandi. The three were produced before the court and their police custody was extended till June 30. The police have also booked Jain's father Deepak Jain but he has not been arrested yet.
