₹500 crore scam EOW arrests have sent shockwaves across Maharashtra after the Economic Offences Wing (EOW) nabbed three people accused of cheating over 11,000 investors. The accused include Sameer Narvekar, his wife Neha Narvekar, and their associate Amit Palaw. The Thane EOW arrested them from neighbouring Gujarat on January 29, 2026.
Police said the trio ran an investment firm named Trade with Jazz, headquartered in Pune, since 2019. They allegedly attracted investors by promising a 4% monthly return through stock market trading and related ventures. To build trust, the firm projected monthly earnings of nearly 10%, which convinced thousands to invest. Among the victims were around 1,500 police personnel and several government officials, including retired bureaucrats.
The company suddenly shut its offices and stopped responding to investors. This triggered multiple complaints across districts. Investigators estimate the total fraud at nearly ₹500 crore.
The accused face charges under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and relevant sections of the Bharatiya Nyaya Sanhita, 2023, including criminal conspiracy and breach of trust.
Officials said the ₹500 crore scam EOW arrests mark only the beginning of the probe. The agency is scrutinising bank accounts, financial records, and money trails. More arrests may follow as the investigation expands.
