The Economic Offenses Wing (EOW) of Thane police has arrested a Pune couple and their partner for allegedly duping over 11,000 investors of over Rs 500 crore in Maharashtra. | Photo credit: iStockphoto
In a coordinated move, the EOW of Thane police on Thursday tracked down the accused, Sameer Narvekar, his wife Neha and their associate Amit Palaw, in neighboring Gujarat, an official said.
According to police, the suspect founded an investment firm, Trade with Jazz, headquartered in Pune, in 2019, which offered a scheme that allegedly attracted more than 11,000 people, including 1,500 police personnel, from across Maharashtra.
The trio allegedly lured victims with promises of 4 percent monthly returns on stock market trading and related ventures, the official said, adding that the company expected monthly profits of nearly 10 percent to build credibility.
The company abruptly closed its offices and stopped responding to investors, leading to a flood of police complaints, he said.
According to the initial investigation, investors have been defrauded of around Rs 500 crore.
The official said the EOW has also gathered information indicating that several government officials and bureaucrats, some of whom have retired, had invested in the scheme.
The trio have been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and sections 61(2) (criminal conspiracy) and 316(5) (criminal breach of trust) of the Bharatiya Nyaya Sanhita, 2023, he said.
The Thane EOW is investigating bank accounts, financial documents and cash flows linked to the suspects and further arrests are likely, the official said.
Published on January 31, 2026
#EOW #arrests #Pune #couple #crore #investment #scam #targeting #investors