Two directors of Rasiklal Sakalchand Jewellers were arrested on Monday by the Economic Offence Wing (EOW) probing the alleged fraud in the company. The brothers were held after day-long inquiry and produced in court on Tuesday. So far, 52 people have registered their complaints with the EOW claiming a total of around R9 crore. However, the estimated investment with the jewellers is about Rs 300 crore.

On the night of October 30, as investors in jewellery schemes thronged Rasiklal Jewellers on M G Road demanding their money. Hundreds of investors have deposited around Rs 300 crore in gold programmes of the jeweller. Most of them have made payments in cash used by the jeweller for the alleged fraud.