Thane EOW arrests three in ₹500 crore investment fraud case

The Economic Offences Wing (EOW) of the Thane police has arrested three persons, including a couple, in connection with an alleged ₹500 crore investment fraud that cheated more than 11,000 investors across Maharashtra .

The accused have been identified as Sameer Narvekar, his wife Neha Narvekar, and their associate Amit Palaw. They were arrested from neighbouring Gujarat on Thursday following a coordinated operation by the Thane EOW.

According to police, the trio had floated an investment firm named Trade with Jazz in Pune in 2019 and promoted it as a stock market trading and allied ventures company. The firm allegedly attracted investors by promising a fixed return of 4 per cent per month , while projecting potential earnings of up to 10 per cent to create credibility and lure more deposits.

Investigators said the company expanded rapidly and managed to draw in over 11,000 investors from different parts of Maharashtra, including nearly 1,500 police personnel. Several retired and serving government officials and bureaucrats are also suspected to have invested in the scheme.

The firm allegedly collected huge sums of money before abruptly shutting down its offices and becoming unresponsive to investors, triggering a flood of complaints at police stations across the state. A preliminary probe has estimated the total amount siphoned off at around ₹500 crore .

The accused have been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and relevant sections of the Bharatiya Nyaya Sanhita (BNS), 2023, including criminal conspiracy and criminal breach of trust.

Officials said the EOW is currently scrutinising bank accounts, financial documents and transaction trails linked to the accused to trace the diversion of funds and identify potential accomplices. Multiple properties and financial assets suspected to have been acquired using the proceeds of the crime are also under verification.

Police added that further arrests are likely as the investigation progresses and more victims continue to come forward with complaints.