Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » India
1-min read

Jewellery Store Owners Arrested for Cheating Customers of Rs 300 Crore in Mumbai

The accused, Jayesh Rasiklal Shah (55) and Nilesh Rasiklal Shah (53)-both brothers, ran the 'Rasiklal Sankalchand' jewellery showroom here and allegedly promised good returns to customers on their deposit schemes.

PTI

Updated:November 12, 2019, 12:52 PM IST
facebookTwitter Pocket whatsapp
Jewellery Store Owners Arrested for Cheating Customers of Rs 300 Crore in Mumbai
Representative image. (REUTERS)

Mumbai: The owners of a jewellery store in suburban Ghatkopar have been arrested by Mumbai Police's Economic Offences Wing (EOW) for allegedly cheating customers to the tune of Rs 300 crore, an official said on Tuesday.

The accused, Jayesh Rasiklal Shah (55) and Nilesh Rasiklal Shah (53)-both brothers, ran the 'Rasiklal Sankalchand' jewellery showroom here and allegedly promised

good returns to customers on their deposit schemes, he said.

Several people subsequently invested large amounts of money in the Ponzi schemes over several months, the EOW official said.

However, on October 28, the customers found the store shut and realised they were cheated. The customers then filed a complaint with Pant Nagar police and the case was later taken over by the EOW.

While conducting probe in the case, the EOW arrested the two accused on Monday, the official said.

Some of the jewellery store employees last week complained to the labour commissioner that they had not been paid for six months, he said.

The accused have been booked under Indian Penal Code Sections 420 (cheating) and406 (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, he added.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results