The Economic Offences Wing (EOW) of Thane Police has made significant arrests in connection with a massive investment scam that allegedly defrauded over 11,000 investors across Maharashtra of more than ₹500 crore. Sameer Subhash Narvekar, his wife Neha Narvekar, and Amit Balam were apprehended in connection with the elaborate scheme.

The accused individuals lured investors with promises of high monthly returns, claiming profits from stock market investments and related business ventures. Investors were enticed with the prospect of returns as high as 4% per month, while the firm asserted it was generating nearly 10% monthly profits through trading activities.

According to police reports, the company, identified as Trade with Jazz, was established in Pune in 2019. It attracted a large number of people, including approximately 1,500 police personnel, from across Maharashtra. To build credibility, the company projected monthly earnings of nearly 10 percent. The firm abruptly shut its offices and ceased communication with investors, raising suspicions of a large-scale Ponzi-like operation and triggering numerous complaints.

The Thane police's EOW tracked down the accused in Gujarat. A police team led by Inspector Madhuri Rajekumbhar, with Constable Yogesh Chougule among others, is currently bringing them to Thane.

During the investigation, authorities discovered information suggesting that several government officials, bureaucrats, politicians, and retired personnel had invested in the scheme. Given the scale of operations and the extensive investor base, total losses are estimated to be in excess of ₹500 crore.