Mumbai’s Economic Offences Wing is investigating an alleged investment fraud that promised 4.5% monthly returns and defrauded about 30 investors of approximately ₹13 crore (roughly $1.6M). Authorities allege the operator misused investor funds and ran a classic Ponzi-style scheme, paying earlier investors with new money while auditors review records.

Mumbai’s Economic Offences Wing has opened a probe into a purported share-trading and investment fraud after complaints from roughly 30 investors who were promised steady monthly returns of 4.5 percent. Police allege the accused marketed a trading/investment product but diverted collected capital for unauthorized uses, returning payouts to earlier investors with funds from more recent contributors rather than from legitimate trading profits. Reported losses total about ₹13 crore, prompting EOW officers to audit bank statements, trading records and communication logs tied to the operation. Investigators are seeking to identify the principal operator, intermediate handlers and any domestic or offshore accounts used to move funds. The probe will examine whether false performance statements, forged contracts or collusive brokers were employed to induce investments. Authorities have advised complainants to preserve documentation and are exploring asset-freeze and recovery options under Indian financial crime statutes. The case underscores ongoing investor risks from high-yield promises and the need for regulatory vigilance in retail trading and privately marketed schemes.