Arrests Made in Major Investment Scam
The Economic Offences Wing (EOW) of Thane police has apprehended three individuals involved in a massive investment scam that has defrauded over 11,000 investors in Maharashtra of more than ₹500 crore. The arrests were made on January 29, 2026, when officers tracked down the suspects in Gujarat.
The individuals arrested include Sameer Narvekar, his wife Neha Narvekar, and their associate Amit Palaw. They operated an investment company named Trade with Jazz, which was established in Pune in 2019. Reportedly, their fraudulent activities have impacted a range of investors, including around 1,500 police personnel across the state.
Background of the Scam
The firm presented itself as a legitimate investment avenue, enticing potential investors with attractive promises of a monthly return of 4% on stock market trading initiatives. To further gain the trust of investors, the firm projected a monthly earning of nearly 10%. These figures formed the basis of their marketing strategy, which has now proven to be deceptive.
As per the available information, the unsustainable returns created a veneer of legitimacy, leading investors to believe they could double their money quickly. However, the firm suddenly ceased its operations, leaving investors in the lurch.
Investigative Efforts and Findings
Following numerous complaints from aggrieved investors, the EOW initiated an thorough investigation. According to officials, the sudden shutdown of Trade with Jazz led many individuals to approach law enforcement, triggering a series of inquiries into the company’s financial dealings.
“The EOW has been actively collecting evidence, including bank account statements and financial documents related to the accused, which will aid in evaluating the magnitude of the fraud,” stated an EOW spokesperson. “Given the scale of the operations, we anticipate that additional arrests may follow as our investigation continues.”
Legal Proceedings and Charges
The arrested trio has been charged under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, among other serious legal provisions. These include sections related to criminal conspiracy and criminal breach of trust under the Bharatiya Nyaya Sanhita, 2023. Authorities are keen to press the case against the accused to ensure justice for the affected investors.
According to preliminary investigations, the EOW believes that the scheme may involve not only the accused but also several other high-profile individuals, including retired government officials and bureaucrats who invested in the scheme.
Impacts on Investors and Community
Widespread Financial Losses
The losses incurred by investors have raised widespread alarm. Many victims have expressed their shock and dismay at being misled. “I invested my savings, thinking it was a secure investment. Now, I’m left with nothing,” shared a victim during a complaint filing session at the police station.
Initial estimations suggest that the total fraudulent amount could be as high as ₹500 crore, indicating the extensive reach of the scam. The realization that even law enforcement personnel fell prey to the ruse highlights the severity of the situation.
Public Reaction
The news of the scam has sent ripples of discontent through the community, triggering discussions about regulatory oversight and investor awareness in the financial market. Financial experts emphasize the need for enhanced regulatory mechanisms to prevent similar scams in the future. “Investors should exercise caution and conduct thorough background checks before putting their money into investment schemes,” advised a financial analyst.
Authorities Urge Caution
In light of this incident, officials are urging the public to be vigilant while considering investment opportunities that promise high returns. “We advise everyone to be cautious of schemes that sound too good to be true. Often, such offers come with hidden dangers,” a senior police official added, emphasizing the need for increased financial literacy among problem areas.
Additionally, authorities are planning outreach programs to educate potential investors about the dangers of fraudulent schemes. Investment experts will be invited to share insights and basic financial principles that can equip individuals with the knowledge needed to make informed decisions.
Next Steps for EOW
The Economic Offences Wing plans to continue its investigation, focusing not only on the financial trails left by the accused but also on the possible involvement of any accomplices or additional schemes they may have operated. The assessment of accounts associated with the firm is already underway, with a special team dedicated to uncovering more details about the financial transactions linked to the operation.
“Our goal is to ensure that all parties involved in this scam are brought to justice. This will require a comprehensive review of all financial documents, bank transactions, and potential correlations among investors,” an EOW officer stated. The agency is committed to uncovering the full extent of this fraudulent operation.
Conclusion
This investment scam serves as a potent reminder of the risks associated with high-return investment schemes. As investigations continue, the focus remains on achieving justice for the affected investors and ensuring a more vigilant atmosphere regarding financial investments.
The Economic Offences Wing is prepared to take stringent actions against any individuals found to have played a role in this deceitful operation, seeking to reinforce public confidence in the financial system.