Thane: The Economic Offences Wing (EOW) of Thane Police arrested Sameer Subhash Narvekar, his wife, Neha Narvekar, and Amit Balam in connection with an alleged over Rs 500-crore investment cheating scam. During the probe, investigators also came across information suggesting that several govt officials and bureaucrats, netas, including retired personnel, invested in the scheme, officials said.The accused allegedly duped more than 11,000 investors across Maharashtra by luring them with promises of high monthly returns, claiming profits from stock market investments and allied business ventures. Investors were assured returns of up to 4% per month, while the firm claimed to generate nearly 10% monthly profits through trading activities.Police said the company abruptly shut its offices, raising suspicion of a large-scale Ponzi-like operation. Given the scale of operations and the extensive investor base, total losses are estimated to be in excess of Rs 500 crore.The accused were tracked down in Gujarat by a police team led by Inspector Madhuri Rajekumbhar, with Constable Yogesh Chougule among others, and are currently being brought to Thane in transit.An FIR was registered at Srinagar Police Station under provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and other sections of BNS. The case is being investigated by the Thane EOW, which is scrutinising financial records and tracing money.
