Nashik: The Jalgaon police have arrested a couple, Sandeep Narvekar and Neha Narvekar, in connection with an investment fraud exceeding Rs 23 crore. According to the police, the couple and their associates defrauded as many as 279 investors in Jalgaon between 2020 and 2025.
Based on a complaint filed by one of the investors, the Zilapeth police of Jalgaon registered an FIR for offenses punishable under sections 318(4) (cheating and dishonestly inducing the delivery of property), 316(2) (criminal breach of trust), 316(5) (criminal breach of trust by a public servant, banker, merchant, or agent), and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS), along with other sections of the Banning of Unregulated Deposit Schemes Act, 2019.
Arrest Details
Jalgaon SP Shrikant Dhivare told TOI, “The two accused were transferred to the Jalgaon case from Thane jail as per court orders on Sunday. They were arrested around 12:50 am on Monday by the Economic Offences Wing (EOW) of the Jalgaon police.” He added, “They lured investors with high monthly returns on their investment, claiming profits from stock market investment and allied businesses.”
Investigation Progress
A police officer stated that initially, a person named Milind Patil, a resident of Jalgaon, filed a complaint application against the chief director and other directors of a Pune-based investment company, alleging that they had accepted investments but failed to provide returns upon maturity. During the investigation, it was discovered that Patil himself was managing all operations of the Jalgaon firm as a franchisee.
Subsequently, a thorough investigation was conducted, and based on a complaint from one of the defrauded investors, an FIR was registered at the Zilapeth police station on May 14. After the initial arrest of Patil, the police arrested Sandeep and Neha Narvekar on Monday.
Police officials revealed that Sandeep and other directors also have cases registered against them in Yavatmal, Ratnagiri, Navi Mumbai, Pune, Thane, Nagpur, Raigad, and Chhatrapati Sambhajinagar.
