Sri Vijaya Puram, October 23: An investment scheme promising returns of up to 20 percent a month has come under the scanner of the Andaman and Nicobar Police, with around 70 investors allegedly losing more than ₹80 lakh after payments stopped and the promoters became unreachable.
The Crime and Economic Offences wing of the Criminal Investigation Department (CID) has now launched an exercise to verify investors’ claims, asking those who invested in schemes associated with JB.COM and its related entities to submit transaction records and other supporting documents between October 24 and 30.
The investigation centres on allegations against Jayant Biswas, director of JB.COM and Metalloids Technology Pvt Ltd, and his associate Kiran Ghogre, who allegedly persuaded residents across the islands to invest money by promising unusually high monthly returns.
According to a complaint submitted to the Director General of Police on March 5, 2026, the promoters arrived in the islands around October 2025 and organised meetings to attract investors. The scheme, promoted under the name Jayantbiswas.com, allegedly offered monthly returns ranging from 15 to 20 percent.
The complaint alleged that the promoters initially honoured their commitments, paying returns during the first few months and encouraging more people to invest.
However, payments reportedly stopped around mid-January 2026. Investors who subsequently attempted to contact the promoters allegedly received no response, while the firm’s office at Nayasahar in South Andaman was found closed.
Police move to establish extent of losses
The CID registered FIR No. 28/2026 on May 14 under Sections 3(5), 316(2) and 318(4) of the Bharatiya Nyaya Sanhita, relating to common intention, criminal breach of trust and cheating.
Police have now asked investors and others possessing relevant information to appear at the Crime and Economic Offences Police Station at the CID office in Aberdeen, Sri Vijaya Puram, between October 24 and 30, from 9.30 am to 5.30 pm.
Investors have been directed to bring fund receipt certificates, bonds, bank statements, transaction receipts and details of the amounts invested.
The verification will be conducted in the presence of the defence counsel representing Biswas. The police said the verified investment details would subsequently be compiled and submitted before the court.
The original complaint estimated that approximately 70 investors had been affected and that the amount collected exceeded ₹80 lakh. However, these figures remain unverified and the final extent of the alleged losses will depend on the investigation.
Investors allege payments stopped after initial returns
The complaint stated that investments were largely made through bank transfers and UPI transactions into accounts associated with the promoters.
The complainant also offered to provide WhatsApp conversations, promotional material, payment receipts, investor details and other records to assist investigators.
He alleged that he had personally invested in the scheme but maintained that other investors had independently decided to participate after interacting with the promoters. He denied guaranteeing returns or making investment assurances on their behalf.
The complaint also sought an investigation into the movement of funds and requested that bank accounts be frozen wherever legally warranted to protect investors’ interests.
The allegations raise questions about how an investment scheme promising returns of as much as 20 percent every month was able to attract dozens of investors in the islands.
At such rates, an investment of ₹1 lakh would purportedly generate ₹20,000 every month, an extraordinary return that would be difficult to sustain through conventional business activities.
Whether the scheme involved any genuine underlying investment activity, how the collected funds were utilised and whether money can be recovered remain matters for investigation.
For investors, the immediate priority is to establish their claims through documentary evidence.
Police have urged affected persons to preserve their original investment records and cooperate with the verification exercise.
Sub-Inspector Shaji Mathew, the investigating officer, can be contacted at 9476084840, while Inspector D. Jagdishwar Rao, Station House Officer, can be reached at 9474290250.
The investigation is continuing. The allegations against the named individuals have not yet been established in court.
