The Economic Offences Wing (EOW) of the Mumbai Police on Monday arrested the owners of Rasiklal Sankalchand Jewellers, a Ghatkopar-based store that is alleged to have cheated its customers of ₹300 crore.
EOW officials said Jayesh (55) and Nilesh Shah (53) were arrested late on Monday. “We will produce them in court on Tuesday,” an officer said.
The brothers allegedly convinced customers to invest large amounts of money in Ponzi schemes over several months. On October 28, the customers found the store shut and filed a complaint with the Pant Nagar police, which was taken over by the EOW.
The store employees had complained to the Labour Commissioner last week that they had not been paid for six months.
The EOW has invoked the Maharashtra Protection of Interests of Depositors Act in the case, which empowers it to attach and liquidate the assets of the accused to compensate the victims for their losses.
