Police in Maharashtra’s Jalgaon district have arrested a couple in connection with an alleged investment scam exceeding ₹23 crore, in which around 279 investors were reportedly cheated through promises of high monthly returns under the guise of stock market investments and allied business activities.
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The arrested accused have been identified as Sandeep Narvekar and Neha Narvekar. Investigators alleged that the couple attracted investors by promising assured and attractive returns. In the initial phase, small payouts were reportedly made to build trust, after which larger amounts were collected from victims.
Investors Lured With Stock Market Return Promises
According to investigators, the accused presented themselves as experienced market operators and used claims of stock market expertise to attract investors. Several victims were allegedly shown fabricated documents and false performance reports to make the scheme appear credible.
Officials said early investors received returns for some time, creating confidence in the operation. However, payments later stopped abruptly, and investors were allegedly given repeated excuses when they sought their money back.
Authorities believe the fraud was structured in a way that encouraged victims to invest larger sums after receiving initial payouts. The case has raised concerns over the continued use of high-return promises to draw ordinary investors into unverified financial schemes.
Pune-Based Firm Link Under Scanner
Preliminary findings suggest that the operation was not limited to Jalgaon. Investigators suspect the network may have links to a Pune-based investment company and several associates operating in different regions.
Officials said the accused allegedly used a franchise-style model at the local level, making the investment structure and money trail more difficult to track. Police are now examining whether additional associates and fund handlers played roles in collecting, managing or diverting investor money.
Based on multiple complaints registered in different districts, authorities suspect the case may be part of a wider financial crime network operating across cities rather than an isolated local fraud.
Money Trail Being Traced Across States
Investigating agencies are tracing the movement of more than ₹23 crore across bank accounts, digital channels and possible asset purchases. Preliminary assessments indicate that parts of the money may have been moved across different states through complex financial routing.
Authorities have indicated that more arrests are likely as the probe expands. They are also examining whether the network had any links to larger financial syndicates or facilitators beyond the currently identified accused.
Cybercrime and financial fraud expert Triveni Singh said such investment scams are increasingly becoming organised financial networks that use social engineering, fake platforms and layered operations to target large numbers of victims. The Jalgaon case once again highlights the risks of schemes promising assured high returns without verifiable regulatory backing.
