Jalgaon police arrest Narvekar couple in Rs23cr investment fraud case

Nashik: The Jalgaon police have arrested a couple — Sandeep Narvekar and Neha Narvekar — in connection with an investment fraud of over Rs23 crore.

According to the police, the couple and their associates defrauded as many as 279 investors in Jalgaon between 2020 and 2025.

Based on a complaint filed of one of the investors, the Zilapeth police of Jalgaon registered an FIR for offences punishable under sections 318(4) (cheating and dishonestly inducing the delivery of property), 316(2) (criminal breach of trust), 316(5) (criminal breach of trust by a public servant, banker, merchant, or agent), and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS) and under other sections of the Banning of Unregulated Deposit Schemes Act, 2019.

Jalgaon SP Shrikant Dhivare, while talking to TOI, said, “The two accused were transferred to the Jalgoan case from Thane jail as per court orders on Sunday. They were arrested around 12.50 am on Monday by the Economic Offences Wing (EOW) of the Jalgaon police.”

He added, “They lured investors with high monthly returns on their investment claiming profits from stock market investment and allied businesses.”

A police officer said initially a person — Milind Patil, a resident of Jalgaon — filed a complaint application against the chief director and other directors of a Pune-based investment company stating that they had accepted investments from investors but failed to provide returns upon maturity.

During the course of investigation it was found that the Patil himself was looking after all the operations of the Jalgaon firm in the capacity of a franchisee.Subsequently a thorough investigation was conducted and on a complaint from one of the duped investors, the FIR was registered with the Zilapeth police station on May 14.

After the initial arrest of Patil, the police arrested Sandeep and Neha Narvekar on Monday.

Police officials said that Sandeep and other directors also have cases registered against them in Yavatmal, Ratnagiri, Navi Mumbai, Pune, Thane, Nagpur, Raigad and Chhatrapati Sambhajinagar.