Navi Mumbai: Uran ponzi scam worth more than Rs 300-crore; victims may cross 2,000

Supriya Patil and Satish Gawan, the accused in two separate multi-crore scams in Uran; (right) Satish Gawan

The Economic Offences Wing (EOW) of the Navi Mumbai police is currently investigating a Ponzi scheme allegedly involving two residents of Uran. These individuals are suspected of deceiving thousands of nearby villagers by promising to double investments within 50 and 30 days.

From Rs 33,000 to Rs 1 crore, investments flowed into the seemingly authentic scheme set up by the scammers.

Sources indicate that even officials, including court officers, participated in this fraudulent scheme. About 100 victims have come forward at this point, while others are hesitant to approach the police due to fears of the income tax department. Authorities estimate that the total amount of the scam could potentially reach around Rs 300-400 crore.

The entire scam came to light in February when the primary accused, Sarish Vishnu Gawan, was apprehended with Rs 10 crore in his car during a routine nakabandi by the Uran police. This incident prompted the Uran police to notify the income tax department and relevant authorities. Subsequently, complaints began pouring in from individuals claiming that Gawan had been collecting money from multiple villagers, promising to double their investments within 50 days.

In response, the local police registered an FIR under various sections of the IPC. The senior police officials were briefed on the case, leading to its transfer to Navi Mumbai's EOW for further investigation.

In the course of the investigation, the police uncovered that Gawan had Rs 22 crore in his account

An EOW officer familiar with the case stated, "Our investigation unveiled that the accused Gawan had been operating this Ponzi scheme for over a year, potentially defrauding around 1,500-2,000 people. His method involved taking Rs 33,000, referred to as one coin, and returning Rs 49,500 within 50 days. Transactions were exclusively in cash."

According to victims, after receiving Rs 49,500 after 50 days, they reinvested this amount along with an additional Rs 16,000 to acquire two coins, totalling around Rs 1 lakh after another 50 days. These individuals hoped for increasing returns over time. The officer explained, "Investors kept reinvesting, with some claiming to have put in amounts ranging from 10 lakh to 1 crore."

In the course of the investigation, the police uncovered that Gawan had Rs 22 crore in his account, and they seized Rs 10 crore upon his arrest. Additionally, assets worth Rs 1.5 crore were confiscated. The investigation led to the arrest of Gawan's driver, Shashikant Gawan, and three agents: Mayur Patil, Jitendra Gawan, and Nitesh Patil.

During the investigation, an incident occurred on March 29 involving gunfire targeting real estate agent and BSc IT graduate Supriya Patil in Uran. Patil sustained a leg injury and was taken to a nearby hospital. Subsequent investigation revealed that Patil had orchestrated the incident but had accidentally injured herself. It was uncovered that Patil had been running her own Ponzi scheme, offering even more attractive returns of 1.5 times the invested amount in 30 days compared to Gawan's 50 days.

Investigators disclosed that on the day of the shooting, Patil visited the Uran village with the intention of repaying investors 1.5 times their investment. Lacking the funds to fulfil this promise, she staged the shooting with her car driver. This was done to convince investors that she had brought the money to repay them. However, the plan went awry when she was shot and the money was taken.

Sources revealed that Patil had entered the Ponzi scheme business in November of the previous year, suspected of defrauding over 1000 individuals. Unlike Gawan, who took Rs 33,000 from investors and returned Rs 50,000 in 30 days, Patil took Rs 32,000 from investors, paid Rs 2,000 rupees to agents, and returned Rs 50,000 within 30 days. This led to an influx of investors, with 55 victims reporting losses totalling approximately Rs 80 crore.

The EOW apprehended five agents associated with Patil - Ganath Thakur, Hitesh Kadu, Pranay Thakur, Akshay Koli, and Rohan Purekar. Suspicions also extend to Patil's husband, Mangesh Patil. Approximately 47 agents who worked with Patil are under scrutiny. The police seized valuable properties and estimated that her scams could have duped people out of Rs 150 to Rs 200 crore.

During the course of the investigation, the EOW also uncovered the involvement of three officers colluding with Patil. These officers were allegedly receiving monetary favours from her. Based on substantial evidence, the officers have been suspended for further inquiry.

"The SIT is currently conducting an investigation to determine the precise count of victims and the extent of the financial losses they have incurred," said Milind Bharambe, Commissioner of Navi Mumbai Police. "Substantial evidence against both suspects exists, shedding light on the mechanics of their respective Ponzi schemes. I urge the Ponzi scheme investors to come forward and report their experiences. Identifying common victims will significantly bolster our case."