Protesters from Pune, Kolhapur, Jalgaon and Ratnagiri gathered outside the office and blocked its entrance, accusing the authorities of conducting the probe at a snail’s pace
The scam involved approximately 11,000 investors and amounted to Rs 1,200 crore. Representational Pic
Hundreds of investors allegedly cheated in a Rs 1,200 crore investment scam staged a protest outside the police commissioner’s office in Maharashtra’s Thane district, demanding a speedy investigation and recovery of their money, according to the news agency PTI.
Last month, the Economic Offences Wing (EOW) arrested three persons from Gujarat in connection with the case, which is suspected to have defrauded more than 11,000 investors, including about 1,500 police personnel, across Maharashtra.
Protesters from Pune, Kolhapur, Jalgaon and Ratnagiri gathered outside the office and blocked its entrance, accusing the authorities of conducting the probe at a snail’s pace, reported news agency PTI.
According to the police, the scam involved approximately 11,000 investors and amounted to Rs 1,200 crore.
The accused, Sameer Narvekar, his wife Neha, and their associate Amit Balam, had established Trade with Jazz, an investment company headquartered in Pune, in 2019.
The trio allegedly lured investors by promising a four per cent monthly return on stock market trading and allied ventures, police said, reported PTI.
The company later abruptly shut its offices and stopped responding to investors, triggering a series of police complaints.
As per PTI, the accused have been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and the Bharatiya Nyaya Sanhita, 2023.
Speaking to reporters, one of the defrauded investors said, “Most of us took loans or sold everything we owned to invest. Now, our children’s education and marriages are at a standstill.”
Protesters also questioned the effectiveness of the EOW, pointing out that while the alleged scam was worth ₹1,200 crore, the police had managed to seize assets worth only Rs 12 lakh so far.
Mumbai Cyber Police arrest seven in Rs 10.98 crore fake share market app fraud
The South Regional Cyber Police Station, Mumbai, has arrested seven individuals from various states in connection with a major share market fraud that allegedly defrauded investors of nearly Rs 11 crore through a fake mobile application, officials said last week.
The scam targeted a 68-year-old complainant who was approached through WhatsApp groups with promises of high returns on stock market investments. The fraudsters persuaded the senior citizen to download a fake application named Warburg Pincin and invest Rs 10,98,65,000 between December 29, 2025, and January 19, 2026, police said in a press release.
Following a complaint registered on the National Cyber Crime Portal (NCCP) via the 1930 helpline, the Mumbai Police recovered Rs 2.21 lakh from the total amount through the portal. Investigations revealed that the funds were routed through multiple fake bank accounts across different states.
Recognising the seriousness of the case, the Deputy Commissioner of Police (Cybercrime) ordered the formation of nine special investigation teams, which were dispatched to several states.
(With PTI inputs)
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