In Nashik, a Ponzi scheme defrauds about 25,000 investors out of ₹1 crore.

August 5, 2025, Nashik: Authorities in Nashik said today that three people, Vishnu Patil (50), Pramod Billade (41), and Chetan Mahajan (38), had been arrested by Cyber Police for using a Ponzi scheme to defraud about 25,000 investors out of more than ₹1 crore.

What took place?
Under the pretense of a genuine profit-doubling scheme, the accused allegedly operated an illegal investment website. Investors were promised returns within 12 to 15 days by the platform. Investors never received their money back, even though they paid as little as ₹10,000 to join. The program ran without any regulatory approvals from May to the beginning of August 2025.

How the Authorities Found Out
The investigation was started by Nashik Cyber Police in response to several complaints. Digital evidence connected the operators of the scheme to promotional messages, website logs, and registered bank transactions. FIRs were submitted in accordance with the applicable provisions of the IT Act, the Maharashtra Depositors Protection Act, and the Bharatiya Nyaya Sanhita (BNS). Two important suspects are still at large, and authorities anticipate apprehending them soon.

Impact on Victims
By collecting approximately ₹1 crore from 25,000 people, the accused were able to target low-ticket investors throughout the region. Persuasive digital marketing and fraudulent KYC-like documentation assisted in luring inconspicuous members.

Police and Regulatory Action Authorities stress that it is extremely suspicious to use an investment platform that promises astronomical returns in less than two weeks. The public has been advised to confirm schemes with official financial advisers or intermediaries registered with SEBI. The cybercrime portal (cybercrime.gov.in) and the national helpline 1930 both encourage victims to report incidents as soon as possible.

More General Context
This case fits into a growing national and Maharashtra trend of online Ponzi and “investment PIN” scams. Only three people have been arrested in a recent related operation that found over 10,000 victims in an investment-pin scheme worth ₹1 crore.