Thane, Maharashtra – The Economic Offences Wing (EOW) has arrested a Thane-based couple, Sameer Narvekar and his wife Neha, along with their associate Amit Palaw, for allegedly duping over 11,000 investors, including police personnel, of more than Rs500 crore. The arrests took place in Gujarat on Thursday following coordinated operations by the Thane EOW.
The accused had set up an investment firm, Trade with Jazz, in Pune in 2019. The company allegedly lured investors with promises of 4% monthly returns on stock market trades and allied ventures. To gain credibility, the firm projected earnings of nearly 10% per month.
The company abruptly shut operations, leaving investors without responses, prompting a surge in complaints. Preliminary investigations indicate that government officials and retired bureaucrats were also among the defrauded.
The trio has been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and sections 61(2) and 316(5) of the Bharatiya Nyaya Sanhita, 2023. The EOW is currently examining bank accounts, financial records, and money flows linked to the accused, and further arrests are anticipated.
