Sri Vijaya Puram, Junee 17: A growing investment fraud investigation in the Andaman and Nicobar Islands has brought attention to allegations against operators of an investment scheme that allegedly promised unusually high returns before payments abruptly stopped, leaving dozens of investors seeking answers and recovery of their money.
The Crime and Economic Offences Police Station in Sri Vijaya Puram has issued a public appeal requesting investors and victims to come forward and assist investigators in connection with FIR No. 28/2026, registered on May 14, 2026. The case has been registered under Sections 3(5), 316(2), and 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023, and remains under active investigation. The provisions relate to allegations of cheating involving substantial financial loss, criminal breach of trust, and joint criminal liability where offences are allegedly committed by multiple persons acting with a common intention. These sections are frequently invoked in cases involving suspected investment frauds and coordinated financial schemes that result in monetary losses to investors.
According to the police appeal, allegations have surfaced against Jayant Biswas, identified as a director of M/s Jayant Biswas.com and Metalloids Technology Pvt. Ltd., which operated a branch office at Nayasahar in South Andaman. Investigators stated that Biswas, along with associates and agents, allegedly induced members of the public across the islands to invest money by assuring high returns and dividends. Police said the amount collected from various investors is suspected to be around ₹44 lakh, though the figure remains subject to verification during the course of the investigation.
The appeal comes months after affected investors submitted a detailed complaint to the Director General of Police alleging that the investment operation functioned as a fraudulent scheme that attracted a significant number of island residents.
In the complaint, by a resident of South Andaman, on behalf of affected investors, it was alleged that Jayant Biswas and Kiran Ghogre arrived in the islands around October 2025 and began promoting an investment programme under the name “Jayantbiswas.com.” The scheme reportedly promised fixed monthly returns ranging between 15 and 20 per cent, attracting individuals looking for profitable investment opportunities.
The complainant alleged that meetings were conducted with local residents and that the scheme was presented as a legitimate business venture capable of generating regular returns. According to the complaint, the accused initially paid returns for the first few months, which reportedly helped establish confidence among investors and encouraged further participation.
However, investors claimed that payments began to stop around mid-January. The complaint stated that communication from the operators subsequently ceased, with calls and messages allegedly going unanswered. Investors further alleged that the office at Nayasahar was found closed, raising concerns that those operating the scheme had absconded.
The complaint estimated that around 70 investors may have been affected and suggested that the total amount collected could exceed ₹80 lakh. The figure is substantially higher than the amount presently cited in the police appeal and is expected to be examined as part of the ongoing investigation.
According to the complaint, investments were primarily made through bank transfers and UPI transactions. Details of several bank accounts allegedly linked to the transactions were also provided to investigators. Investors have urged authorities to freeze the accounts to prevent any further movement or diversion of funds while the investigation continues.
The complainant stated that he personally invested in the scheme based on representations made by the operators but clarified that he did not guarantee returns to other individuals who later chose to invest. The complaint maintained that all assurances regarding profits and monthly returns were made directly by the accused persons.
Affected investors have also informed authorities that they are prepared to provide supporting evidence including WhatsApp conversations, promotional materials, transaction records, payment receipts, investor details and hotel identification records allegedly connected to the accused during their stay in the islands.
Police officials have now sought the cooperation of all individuals who may have invested money with the company or its representatives. Investigators said it is necessary to identify and examine every investor in order to establish the full scope of the transactions, verify claims and determine the extent of any financial losses.
As part of the public appeal, investors with claims, grievances or relevant information have been requested to contact the investigating officer, Sub-Inspector Shaji Mathew (Mobile No. 9476084840), or approach the Police Station Crime and Economic Offences (landline
No. 03192-232586), Crime and Investigation Department, Sri Vijaya Puram, with supporting documents and investment details.
Authorities have emphasised that the matter remains under investigation and that all allegations will be examined in accordance with law. The appeal is expected to help investigators identify additional victims, trace financial transactions and establish the overall scale of the alleged investment operation as efforts continue to determine whether criminal liability exists and whether recovery of investor funds may be possible.
