The Kharghar police have arrested Jayant Zambre for starting a ponzi scheme in Thane and Navi Mumbai. The accused and his wife were out on bail after being held in Nagpur for cheating 295 people of ₹50 crore.
Senior police inspector Pradeep Tidar said, “So far, seven people complained that the couple cheated them of ₹80 lakh. Jayant has been arrested and remanded in police custody, while his wife Varsha is still at large. We suspect the number of complainants will increase as the probe progresses.”
The police said in 2012, the couple started JS Finance and Capital Services and offered 6% interest per month. An officer said, “The couple cheated around 295 people of ₹50 crore and a case was registered with the Pratapnagar police in Nagpur. The Economic Offences Wing probed the case and two charge sheets were filed in December 2012.”
Last year, the couple changed their surname to Patil and opened a new office, Ventura Solution Services, in Sector 7, Kharghar, and offered 8% interest per month. On August 30, Kundalik Mahajan, a resident of Khanda Colony, invested ₹5 lakh for three months. On November 30, when his policy matured, he asked the couple for money, but they failed to give it to him. He filed a case with the Kharghar police on December 29.
Mr. Zambre has been arrested under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a merchant), 420 (cheating) and 34 (common intention) of the Indian Penal Code, and Sections 3 (fraudulent default by financial establishment) and 4 (attachment of property on default of return of deposits) of the Maharashtra Protection of Interest of Depositors in Financial Establishments, Act, 1999.