A holiday sessions court on Tuesday remanded directors of the Ghatkopar-based Rasiklal Sankalchand Jewellers (RSJ) — Jayesh Shah, 55, and Nilesh Shah, 53 — to police custody till November 18. The brothers were arrested by the Economic Offences Wing (EOW) on Tuesday for allegedly cheating hundreds of people by floating various gold and Ponzi schemes.
EOW officers told the court that more than 52 investors have complained against the Shah brothers. The accused would also allegedly accept gold for deposit and offer lucrative interest to depositors. The customers would prefer the jeweller over banks for depositing unaccounted gold and earn lucrative interest, EOW officers said.
The police have booked the duo under charges of investment fraud and added sections of Maharashtra Protection of Interest of Depositors (MPID) Act.
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