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Navi Mumbai scam: Police act as customers to bust 15 crore Iridium fraud
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News18•15-10-2026, 18:50
Navi Mumbai scam: Police act as customers to bust 15 crore Iridium fraud
- •Navi Mumbai Crime Branch arrested two fraudsters for cheating around 300 investors with fake Iridium metal investment schemes.
- •The accused lured victims by promising returns of Rs 9 to 28 crore in exchange for an investment of Rs 5 lakh.
- •The police uncovered the massive fraud by going undercover as customers and laying a trap at a luxury hotel in Turbhe.
- •Preliminary investigations reveal that about 300 people have been defrauded of approximately Rs 15 crore since 2018.
- •Fraudsters exploited the high value of Iridium metal, which is used by scientists, to trick gullible investors.
Key Questions Answered
The scam was uncovered when Navi Mumbai police officers went undercover as customers after receiving a tip-off about a social media scheme promising massive returns on an Iridium metal investment.
Preliminary investigations reveal that about 300 investors were defrauded out of Rs 4 to 5 lakh each since 2018, bringing the total estimated stolen amount to around Rs 15 crore.
Iridium is a valuable platinum-group metal used in high-grade engine spark plugs and scientific laboratories. Scammers exploit its high value by falsely claiming it is sold for crores to organizations like NASA or ISRO, often using tricks like its ability to attract rice grains to deceive victims.
