MUMBAI: The owners of a jewelry store in suburban Ghatkopar have been detained by Police’s Economic Offences Wing (EOW) for cheating customers to the tune of Rs. 300 cr, official said on Tuesday.
The accused, 55-year-old Jayesh Rasiklal Shah, and 53-year-old Nilesh Rasiklal Shah, both brothers, ran the ”Rasiklal Sankalchand” jewelry showroom in Mumbai and promised good returns to clients on their deposit schemes, he said. Several people invested large amounts of money in Ponzi schemes over several months, the EOW said.
However, on 28 October, the customers found the store shut and realized they were cheated.
The customers then filed a police complaint with Pant Nagar police and case was later taken over by EOW.
While conducting probe in case, EOW arrested the 2 accused on Monday, official said. Some of jewelry store employees last week complained to labour commissioner that they had not been paid for 6 months, he said.
The accused have been booked under Indian Penal Code Sections 420 and 406, and provisions of the Maharashtra Protection of Interests of Depositors Act, official said. The MPID Act empowers probing agency to attach and liquidate assets of accused to recompense victims for their losses, he added.