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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
