₹500 Crore Scam: Thane EOW Arrests Three, Over 11,000 Investors Cheated in Maharashtra

Thane, Maharashtra: The Economic Offences Wing (EOW) of Thane Police has arrested a couple and their associate for allegedly defrauding more than 11,000 investors, including around 1,500 police personnel, of over ₹500 crore across Maharashtra.

In a coordinated operation, the EOW tracked down and arrested Sameer Narvekar, his wife Neha Narvekar, and their associate Amit Palaw in neighbouring Gujarat on Thursday (January 29), according to reports.

The accused reportedly established an investment company called Trade with Jazz (TWJ), headquartered in Pune, in 2019. They lured investors with promises of assured high returns, including 4% monthly payouts on investments tied to stock market trading and allied ventures. The firm claimed to generate nearly 10% monthly profits to build credibility and attract participants.

The scheme drew in victims from various districts across the state, with initial investigations estimating the total fraud at around ₹500 crore. Authorities have also uncovered information indicating that several government officials and retired bureaucrats were among those who invested in the scheme.

The trio has been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and relevant sections of the Bharatiya Nyaya Sanhita (BNS), 2023, including Section 61(2) for criminal conspiracy and Section 316(5) for criminal breach of trust.

The Thane EOW is currently examining bank accounts, financial documents, and money trails linked to the accused. Officials indicated that further arrests are likely as the probe continues.