Rs 500 crore scam: EOW arrests three, over 11,000 investors cheated in Maharashtra
Thane (PTI): The Economic Offences Wing (EOW) has arrested a couple and their associate, who allegedly swindled more than 11,000 investors, including police officials, from across Maharashtra of over Rs 500 crore, police said on Saturday.
In a coordinated action, the Thane police's EOW tracked down the accused, Sameer Narvekar, his wife Neha, and their associate Amit Palaw, in neighbouring Gujarat on Thursday, an official said.
According to police, the accused established an investment company, Trade with Jazz, with its headquarters in Pune in 2019, offering a scheme that allegedly drew in more than 11,000 people, including 1,500 police personnel, from across Maharashtra.
The trio allegedly lured victims with promises of a 4 per cent monthly return on stock market trading and allied ventures, the official said, adding that the firm projected monthly earnings of nearly 10 per cent to build credibility.
The company abruptly shut its offices and stopped responding to investors, prompting a flood of police complaints, he said.
According to the initial probe, investors have been defrauded of around Rs 500 crore.
The official said that the EOW has also gathered information suggesting that several government officials and bureaucrats, some of them retired from service, had invested in the scheme.
The trio have been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, and sections 61(2)(criminal conspiracy) and 316(5) (criminal breach of trust) of the Bharatiya Nyaya Sanhita, 2023, he said.
The Thane EOW is examining bank accounts, financial documents and money flows linked to the accused, and further arrests are likely, the official said.
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China confirms its support to Pakistan during four-day conflict with India
Beijing (PTI): China, for the first time, has confirmed that it provided on-site technical support to Pakistan during the four-day conflict with India last year, official media reports here said.
China's state broadcaster CCTV on Thursday aired an interview with Zhang Heng, an engineer from the Aviation Industry Corporation of China's (AVIC) Chengdu Aircraft Design and Research Institute, a key developer of China’s advanced fighter aircraft and unmanned aerial vehicle design.
Zhang had provided technical support to Pakistan during the four-day war last May, Hong Kong-based South China Morning Post reported, quoting CCTV.
Pakistan's air force operates a fleet of Chinese-made J-10CE jets, produced by an AVIC subsidiary.
"At the support base, we frequently heard the roar of fighter jets taking off and the constant wail of air-raid sirens. By late morning, in May, the temperature was already approaching 50 degrees Celsius (122 degrees Fahrenheit). It was a real ordeal for us, both mentally and physically,” Zhang said.
What drove his team was the "desire to do an even better job with on site support” and to ensure their equipment could “truly perform at its full combat potential”, Zhang told CCTV.
“That wasn’t just a recognition of the J10CE; it was also a testament to the deep bond we formed through working side by side, day in and day out,” he said.
