Two men arrested in Navi Mumbai for duping investors through fake iridium scheme

Investigators found that the accused had allegedly appointed agents across several States, offering them commissions of ₹2 lakh to ₹8 lakh for recruiting investors

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.

Lookout for 4 people

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.