Team Goemkarponn
PANAJI: The Economic Offences Cell (EOC), Panaji, has arrested Ramesh Pandurang Joshi, chairman and director of RJ Papillon Nidhi Limited, in connection with an alleged multi-crore investment scam that cheated depositors of over ₹2.37 crore in Goa.
The case, registered as EOC Police Station Crime No. 03/2024 on October 30, 2024, includes charges under Sections 406, 409, 420 and 120B of the Indian Penal Code, along with provisions of the Goa Protection of Interests of Depositors Act, the Prize Chits and Money Circulation Schemes (Banning) Act, and the BUDS Act, 2019.
According to police, the accused, along with other directors, authorised signatories, advisors and agents of RJ Papillon Nidhi Limited, allegedly conspired to lure investors between April 1, 2021 and 2024 by offering unusually high returns through fixed deposit and recurring deposit schemes. These schemes promised returns of up to 15 per cent to investors and commissions to agents.
Investigations revealed that after collecting funds, the accused persons allegedly misappropriated investors’ money for personal gain and diverted substantial amounts to RJ Papillon Multitrade Private Limited. The company later shut down its operations without repaying maturity amounts or assured returns, leaving hundreds of depositors cheated.
Police estimate the total financial loss to investors at approximately ₹2,37,96,622. Following sustained investigation, EOC officials arrested Joshi from Dombivli East, Thane district, Maharashtra.
Further investigation is underway to trace other accused persons, recover misappropriated funds and identify additional victims of the alleged fraud.
