Delhi Police Busts Rs 100 Crore Ponzi Scheme; Ex-Advocate Arrested for Duping Investors
In a major crackdown on financial fraud, the Economic Offences Wing (EOW) of Delhi Police has nabbed a former lawyer who allegedly ran a massive Ponzi scheme. This scam tricked hundreds of investors out of around Rs 100 crore by luring them with sky-high returns on stock market investments.
The main accused, Sanjay (36), from Geeta Colony in Delhi, masterminded the operation through companies like Trade Cops Pvt. Ltd. and Tradecop Financial Services. Interestingly, Sanjay had already spent time in Karnal jail for a similar fraud case. He teamed up with associates, including another lawyer and alleged key planner Deepak Thakur, to pull off the con.
Here’s how they hooked people in: They promised a whopping 8% fixed monthly return, claiming secret in-house algorithms could deliver over 20% gains in the stock market each month. Investors heard that their money would double in just 25 months, with half the returns paid out monthly and the rest reinvested. To make it look real, the group paid early investors from new funds—a classic Ponzi trick—until they suddenly stopped payouts and vanished.
The scam came to light after Gaurav Goyal and others filed complaints. On February 11, 2025, police registered an FIR (No. 19/25) under key sections of the Bharatiya Nyaya Sanhita (BNS), including 316(2), 316(5), 318(4), and 61(2). They also slapped on charges from the Banning of Unregulated Deposit Schemes (BUDS) Act. So far, 56 victims have come forward, reporting losses of about Rs 2.5 crore, but cops believe the total fraud hits Rs 100 crore and impacts nearly 200 people.
Digging deeper, investigators found the cash flowed into Tradecop Portfolio LLP. Deepak Thakur is still on the run, while Sanjay’s wife, also named in the case, has gone absconding. The couple has two young sons. Police uncovered that the fraudsters splurged on luxuries, like buying land worth Rs 10 crore in Chhata Tehsil, Mathura—now they’re moving to seize it.
Sanjay isn’t new to this world. He finished his LLB from CCS University, Meerut, and worked as an advocate at Karkardooma Courts for two years before jumping into this shady investment game. This isn’t an isolated incident; cops have filed four more FIRs against the group in Delhi, Haryana, and Uttarakhand for similar Ponzi schemes.
The EOW warns everyone: Stay away from investment schemes promising fixed high returns in the stock market—they’re often too good to be true. Always check if the company is registered with regulators like ROC, SEBI, NSE, or BSE before putting in your money. Remember, SEBI’s 2022 circular bans stock brokers from hyping past or future gains from algorithmic trading.
The probe continues, and police urge more victims to step forward. If you’ve been hit by a similar fraud, report it right away to stop these scammers in their tracks.
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