EOW arrests brothers of Ghatkopar jewellery store for duping customers of Rs 300 crores

Last Updated: Tue, Nov 12, 2019 14:28 hrs
Gold (Image Courtesy: Bloomberg)

Mumbai: The Economic Offences Wing of the Mumbai Police is reported as having arrested brothers Jayesh Rasiklal Shah (55) and Nilesh Rasiklal Shah (53) on Monday. The EOW alleges that the duo may have duped customers into investing in schemes with Ghatkopar based Rasiklal Sankalchand jewellery showroom.

It is learned that the brothers ran a deposit scheme, promising healthy returns on deposits made in several schemes.

An EOW official was quoted in a PTI report as saying that several people invested large amounts of money in the schemes over several months. On October 28, however, customers found the store shut and realised that they were cheated.

Besides customers, the store employees complained that they were yet to be paid salaries for six months. Their complaints are lodged with the local labour commissioner. The accused have been booked under Indian Penal Code Sections 420 (cheating) and 406 (criminal breach of trust), and provisions of the Maharashtra Protection of Interests of Depositors (MPID) Act, the official said. The MPID Act empowers the probing agency to attach and liquidate the assets of the accused to compensate the victims for their losses, the report further added.

Disclaimer: Image used only for representational purposes.

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