THANE: Several investors from 17 districts across Maharashtra staged a protest outside the Thane police commissioner’s office and the sessions court on Monday, alleging significant delay in Economic Offences Wing’s (EOW’s) investigation into the alleged ₹1,100-crore fraud involving a firm, TWJ Associates, and demanding a more rigorous probe into the case.
The protesters claimed that nearly 11,000 investors were duped of ₹1,100 crore, but the EOW has managed to recover only ₹12 lakh in the six months since the case came to light. Accusing the agency of inaction, the investors sought intervention by the Enforcement Directorate (ED).
According to the investigating agency, TWJ lured investors by promising returns of up to four per cent per month. The scheme attracted investments from across Maharashtra, including police personnel, bureaucrats, doctors, and real estate businessmen, they alleged.
Investigators said that TWJ founders Sameer Narvekar and his wife, Neha Narvekar, along with their associate Amit Palav, were arrested by the Thane EOW in Gujarat last week. They were produced before the Thane Sessions Court on Monday, which remanded them in police custody for 12 days.
Sankesh Shamrao Chavan, 30, an investor from Chiplun, said he had invested ₹2.5 crore in the firm since 2021 and managed to recover ₹1.8 crore before the scheme collapsed. “Several investors put in money after selling jewellery or land or by taking loans. Many of them do not even have funds for medical treatment now,” he said.
Chavan further alleged that prominent doctors from the Konkan region had invested large sums but were hesitant to lodge complaints due to fear of social stigma. “The EOW appears to be shielding TWJ officials, which is why we are demanding an ED probe,” he added.
Another investor, Sanjay Pundalik Mapuskar from Vikhroli, Mumbai, alleged that he and his relatives were cheated of ₹77 lakh. He said the firm initially paid returns but later stopped payments, citing delays due to funds allegedly “stuck in Singapore”.
Mapuskar said TWJ founder Sameer Narvekar continued to reassure investors through video calls. “However, when I visited the Wagle Estate office in August, it was shut, with no staff present and all contact numbers switched off. I then filed a complaint with the police,” he said.
Milind Jadhav, 45, an investor from Chiplun, alleged that he was induced to invest ₹90 lakh in December 2024 after being promised monthly returns of ₹5 lakh through a logistics business model involving the purchase of trucks. “An agreement was promised but never executed. A cheque issued to me later bounced,” he said.
Jadhav claimed he suffered a brain stroke after learning about the firm’s closure and was hospitalised for three months. He subsequently lodged a complaint against four TWJ officials, including the Narvekar couple, at the Chiplun police station in December.
Another complainant, Vijay Jadhav, 60, a retired Mumbai Fire Brigade sub-officer, said he invested ₹50 lakh from his provident fund after retirement in March 2025. “They kept making excuses when I demanded my money back. I finally approached the Thane EOW in November,” he said.
Several protesters alleged a nexus between the investigating agency and the accused, claiming this was the reason for the poor recovery despite the scale of the alleged fraud.
Parag Manere, deputy commissioner of police, EOW Thane, did not respond to repeated calls and messages seeking comment.