450 central forces families defrauded of Rs.32 cr after lured into Ponzi scheme with fake contracts

A massive Ponzi scam has defrauded approximately 450 families of central forces, including current and retired officers from the Coast Guard and other Central Armed Police Forces (CAPF), resulting in a total loss of Rs. 32 crore. The scam began in 2018 when a retired officer from the Coast Guard, stationed in Kolkata at the time, was introduced to a fraudulent investment scheme under the guise of high returns.

The retired officer initially became involved through a vehicle service provider at the Coast Guard’s New Town office. The service provider connected him with an individual from the Flowerbagan area of East Kolkata, who claimed to be the owner of several major companies in the hotel and engineering sectors. This individual presented the companies as legitimate and operating in partnership with multinational firms. However, it later turned out that these were Ponzi schemes.

Investors were shown fake documents claiming multi-million-dollar contracts with well-known corporations. One such document suggested that a prominent company had secured an eight-crore rupee contract, with a public bank approving a ten-crore rupee loan for the project. These forged documents were used to encourage investment in the companies. The officer, after initially investing Rs. 24 lakh, raised his investment to Rs. 52 lakh. Other colleagues also invested after being promised lucrative returns and positions in the companies.

As the number of investors grew, so did suspicions. The retired officer eventually filed a complaint with the Registrar of Companies, but no action was taken. The number of people involved in the scheme increased, and it is estimated that the total amount defrauded reached Rs. 32 crore. When the investors requested refunds in March 2025, they were met with threats from the company representatives.

The retired officer subsequently filed an official complaint at the Flowerbagan police station. The police have launched an investigation into the matter and have summoned the main accused for questioning. Investigators are working to trace the perpetrators of the scam and recover the defrauded funds.