Mumbai has seen an astonishing ₹2.95 lakh crore siphoned off by Ponzi and financial scams over the past decade, according to the Economic Offences Wing (EOW). During 2016–May 2025, around 2.71 lakh investors in Mumbai were deceived in such schemes, while the rest of Maharashtra recorded losses of ₹22,552 crore from roughly 1.05 crore victims . In 2024 alone, more than 31,000 complaints of financial fraud were filed from Mumbai via the state cyber‑crime portal, totaling nearly ₹1,186 crore . In response, the Maharashtra government has initiated measures like setting up Financial Intelligence Units at police stations and plans to apply stricter laws—including invoking MCOCA—to better tackle organized fraud .

Separately, the Mumbai Crime Branch recently arrested Deepak Kumar Jain, accused mastermind of a ₹50 crore Ponzi scam that duped over 950 investors through fake firms AJ Enterprises and AJ Copier, offering unrealistic 15% monthly returns. Prosecutors recovered extensive evidence, including threats, multiple bank accounts, and falsified records

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