Thane Police EOW Cracks Down on Massive Rs 500-Crore Investment Fraud, Arrests Key Accused
The Economic Offences Wing (EOW) of the Thane Police has made significant headway in a high-profile investment cheating case, arresting three individuals in connection with an alleged scam that has caused losses estimated to exceed Rs 500 crore. The arrested persons have been identified as Sameer Subhash Narvekar, his wife Neha Narvekar, and Amit Balam. This development marks a crucial step in unraveling a complex financial fraud that has impacted thousands of investors across Maharashtra.
Investigation Uncovers Shocking Details of Widespread Deception
According to officials, the accused operated a scheme that lured more than 11,000 investors with promises of exceptionally high monthly returns. They claimed to generate profits through stock market investments and other allied business ventures, assuring investors of returns up to 4% per month. The firm purportedly boasted of generating nearly 10% monthly profits from its trading activities, making the offer seem highly attractive to unsuspecting individuals.
However, the operation took a suspicious turn when the company abruptly shut its offices, prompting authorities to suspect a large-scale Ponzi-like operation. The sudden closure raised red flags, leading to a thorough investigation by the Thane EOW. The scale of the scam is immense, with the extensive investor base and operational breadth contributing to the staggering estimated losses of over Rs 500 crore.
Probe Reveals Involvement of Government Officials and Politicians
During the course of the investigation, a startling revelation came to light. Investigators uncovered information suggesting that several government officials and bureaucrats, as well as netas (politicians), including retired personnel, had invested in the scheme. This aspect adds a layer of complexity to the case, as it involves individuals from the public sector who may have been drawn in by the promise of lucrative returns.
The probe is ongoing, with the Thane EOW meticulously scrutinizing financial records and tracing the flow of money to uncover the full extent of the fraud. The involvement of such figures underscores the widespread appeal and deceptive nature of the scheme, which managed to ensnare a diverse range of investors.
Arrests Made in Gujarat, Accused Brought to Thane
The accused were tracked down in Gujarat by a dedicated police team led by Inspector Madhuri Rajekumbhar, with Constable Yogesh Chougule among others playing key roles in the operation. They have been apprehended and are currently being brought to Thane in transit for further legal proceedings.
An FIR has been registered at the Srinagar Police Station under the provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, along with other relevant sections of the BNS (Bharatiya Nyaya Sanhita). This legal framework is designed to protect depositors and ensure that such financial crimes are dealt with stringently.
Ongoing Investigation and Future Steps
The case remains under active investigation by the Thane EOW, which is committed to uncovering all facets of this elaborate scam. Authorities are focusing on:
- Analyzing financial records to trace the movement of funds and identify any accomplices.
- Interviewing victims to gather detailed accounts of their investments and losses.
- Examining the role of government officials and politicians to determine if there was any misconduct or collusion.
This case highlights the risks associated with high-return investment schemes and serves as a cautionary tale for investors. The Thane Police's swift action demonstrates their commitment to combating economic offences and safeguarding public interests in the region.
