Thane Witnesses Massive Protest by Victims of Rs 1,200 Crore Investment Scam
Hundreds of defrauded investors staged a significant demonstration outside the office of the police commissioner in Maharashtra's Thane district, vociferously demanding a swift and effective investigation into a massive Rs 1,200 crore investment scam and the urgent return of their hard-earned money. The protest highlighted growing public frustration with the pace of the official probe into one of the state's largest financial frauds.
Widespread Investor Anguish and Police Action
The Economic Offences Wing (EOW) had previously arrested three individuals from Gujarat last month in connection with this extensive scam, which has ensnared more than 11,000 investors from across Maharashtra. Notably, the victim list includes approximately 1,500 police personnel, underscoring the scam's pervasive reach. Protesters, who traveled considerable distances from cities including Pune, Kolhapur, Jalgaon, and Ratnagiri, effectively blocked the entrance to the police commissioner's office, expressing their collective grievance that the police investigation was moving at an unacceptably slow pace.
Details of the Elaborate Fraud Scheme
According to detailed police reports, the accused—identified as Sameer Narvekar, his wife Neha, and their associate Amit Balam—established an investment firm named Trade with Jazz in 2019, headquartered in Pune. The trio allegedly enticed victims with highly attractive promises of a consistent 4% monthly return on investments linked to stock market trading and other allied business ventures. The scheme operated until the company abruptly shut down all its offices and ceased all communication with investors, triggering a flood of police complaints across the state.
The accused have now been formally booked under the stringent provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and the newly enacted Bharatiya Nyaya Sanhita, 2023, reflecting the serious nature of the alleged financial crimes.
Human Cost and Investigative Concerns
Speaking to reporters during the protest, one of the devastated investors revealed the profound personal toll, stating, "Most of us took substantial loans or sold everything we owned to invest our savings into this scheme. Now, our children's education and planned marriages are at a complete standstill due to this financial devastation." This sentiment echoed among the gathered crowd, many of whom face severe economic hardship.
Protesters also raised serious questions about the effectiveness of the EOW's investigation efforts. They pointed out a stark and troubling discrepancy: while the total estimated scam amount stands at a colossal Rs 1,200 crore, the police have so far managed to effect seizures worth only Rs 12 lakh, a fraction of the defrauded sum. This gap has fueled allegations of inadequate asset recovery and intensified demands for more aggressive investigative action to trace and reclaim the missing funds.
The protest in Thane serves as a powerful reminder of the devastating impact of large-scale financial fraud and the critical need for robust regulatory oversight and prompt judicial redressal to protect ordinary citizens from such predatory schemes.
