TWJ scam hits district; Rs 10 crore fraud, 380 investors duped

Lokmat News Network

Chhatrapati Sambhajinagar

The Rs 1,200 crore TWJ investment scam, which duped nearly 11,000 investors across Maharashtra, has now reached the district, with over 380 investors losing more than Rs 10 crore. MIDC Cidco police have registered a case against main accused Sameer Narvekar, Neha Narvekar, Amit Balam, Kiran Kundale, and 24 associates on Wednesday.

Through TWJ Associates Pvt. Ltd. (Trade With Jazz), the accused lured investors by promising unrealistic monthly returns of 3–5% through stock market, IT, infrastructure, and government contract investments. They conducted seminars, opened a luxury office near Prozone Mall, signed agreements, and initially paid returns to gain trust before stopping payments and siphoning off crores.

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Over 380 investors affected

Santosh Shewale of Mitmita invested Rs 29 lakh in March 2024 after meeting the accused and receiving initial returns, which stopped in February 2025. So far, 38 investors have reported fraud of Rs 4.33 crore, while police said actual losses exceed Rs 10 crore involving over 380 victims. The accused operated over 15 companies, including Trade With Jazz, TWJ Infrastructure, and TWJ IT Solutions, and opened 20 branches statewide. Cases have been registered in 16 districts, including Pune, Nagpur, Ratnagiri, and Yavatmal. Sameer and Neha Narvekar and Amit Balam were arrested by Thane police on January 29 after fleeing to Gujarat.

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Officials, politicians, and police also cheated

Police said the accused also cheated government officials, politicians, police personnel, and citizens, with nearly 1,600 police staff among the victims in Pune and Ratnagiri. The accused are currently in Thane police custody, and local police will soon take custody. Authorities have urged affected investors to come forward and file complaints, said senior police inspector Sambhaji Pawar, economic offences wing.