Mumbai: The Economic Offences Wing (EOW) of Thane police has arrested a couple and their associate for allegedly defrauding more than 11,000 investors, including a large number of police personnel, of over ₹500 crore through a fraudulent investment scheme, officials said on Saturday.
The accused—Sameer Narvekar, his wife Neha Narvekar, and their associate Amit Palaw—were traced and arrested in neighbouring Gujarat on Thursday following a coordinated operation by the EOW, an official confirmed.
According to investigators, the trio had floated an investment firm named Trade with Jazz in 2019, with its headquarters based in Pune. The company allegedly attracted investors from across Maharashtra by offering assured returns of four per cent per month through stock market trading and related ventures. To gain trust, the firm reportedly projected monthly earnings of up to 10 per cent.
Police said the scheme drew in more than 11,000 investors, including around 1,500 serving police personnel. Several government officials and retired bureaucrats are also suspected to have invested in the venture.
The alleged scam came to light after the company suddenly shut down its offices and stopped responding to investors, triggering a spate of complaints to the police. Preliminary estimates suggest that the total amount siphoned off could be around ₹500 crore.
The accused have been booked under provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, along with relevant sections of the Bharatiya Nyaya Sanhita, 2023, including criminal conspiracy and criminal breach of trust.
Officials said the EOW is currently scrutinising bank accounts, financial records and money trails linked to the accused. Further arrests are likely as the investigation progresses.
