500 crore scam: EOW arrests three, over 11,000 investors cheated in Maharashtra

EOW arrests three in a ₹500 crore scam, cheating over 11,000 investors in Maharashtra with false investment promises.

The Economic Offences Wing (EOW) has arrested a couple and their associate, who allegedly swindled more than 11,000 investors, including police officials, from across Maharashtra of over ₹500 crore, police said on Saturday (January 31, 2026).

In a coordinated action, the Thane police's EOW tracked down the accused, Sameer Narvekar, his wife Neha, and their associate Amit Palaw, in neighbouring Gujarat on Thursday (January 29, 2026), an official said.

According to police, the accused established an investment company, Trade with Jazz, with its headquarters in Pune in 2019, offering a scheme that allegedly drew in more than 11,000 people, including 1,500 police personnel, from across Maharashtra.

The trio allegedly lured victims with promises of a 4% monthly return on stock market trading and allied ventures, the official said, adding that the firm projected monthly earnings of nearly 10% to build credibility.

The company abruptly shut its offices and stopped responding to investors, prompting a flood of police complaints, he said.

According to the initial probe, investors have been defrauded of around ₹500 crore.