Torres Scandal Followed by TWJ Scam; Crores Lost, Cases Filed in Local District
Once again, investors' trust in Maharashtra has been shaken. Before recovering from the shock of the Torres scam, it has been revealed that TWJ (Trade With Jazz), a share market company, has defrauded crores of rupees. By luring investors with promises of high returns, this company has deceived thousands of investors, and after Yavatmal, a case has now been filed against the company's directors in Chiplun as well.
Case Filed in Chiplun
Based on the complaint by Chiplun investor Pankaj Mate, the police have filed a case against the company's director Sameer Narvekar, his wife Neha Narvekar, and branch manager Sankesh Ghag. According to the information, nearly 11,000 investors from across the state have invested money in TWJ company. It has also come to light that more than 20 branches of the company are operating in various parts of Maharashtra.
According to the information provided by the investors, the company had promised a return at an interest rate of 3 to 5 percent per month. Initially, returns were received for a few months; however, as interest stopped for the past five months, investors became angry. Subsequently, complaints started being filed against the company in various places.
Fraud of 3 Crores in Yavatmal
In the Jamb Road area of Yavatmal, the TWJ Franchise Business Agreement Company lured many investors with the promise of high interest. After paying 3 to 4 percent interest for some time, the company suddenly stopped making payments. When investors demanded their principal and interest, the company started making excuses.
The complainant, Gajendra Shravanji Ganveer, along with his family, invested a total of 29 lakh rupees. The total fraud against investors has reached approximately 3 crore rupees. Finally, on September 21, a case was registered at Yavatmal police against Sameer Narvekar (CMD, TWJ Company), Sagar Mayalwar (Branch Manager, Yavatmal), and Suraj Madgulwar (Accountant, Yavatmal). The investigation of this case is being conducted by Avadhutwadi police.
Investigation started by Thane EOW
The investigation into the fraud by TWJ company has been initiated by the Thane Economic Offenses Wing (EOW). Due to increasing complaints from investors across the state, there is a possibility that this case will be investigated on a larger scale.
Anger among investors
Investors had invested their lifetime savings in TWJ. In the hope of getting a high return, they invested millions and billions of rupees. However, as interest payments have stopped for the past five months and the principal has not been returned, investors have become angry and are frequenting police stations in various places.