EOW searches RSJ director’s home, shop, seizes hard disk

Officers from the economic offences wing (EOW) on Thursday conducted searches at the shop and residences of Jayesh Shah, the director of Ghatkopar-based Rasiklal

Officers from the economic offences wing (EOW) on Thursday conducted searches at the shop and residences of Jayesh Shah, the director of Ghatkopar-based Rasiklal Sankalchand Jewellers (RSJ), in connection with a cheating case. Shah is accused of cheating hundreds of investors through various cash and gold Ponzi schemes.

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“We have searched Shah’s Ghatkopar residence and the jewellery shop; we also searched the safes, but nothing could be found. We have also secured a copy of the main hard disk of the company’s system and will thoroughly scrutinise it to know how the alleged Ponzi schemes were operated,” said an EOW officer.

Jayesh Shah, the accused, on Thursday presented himself before senior EOW officers and assured full co-operation in the probe. He claimed that he would refund all the investors’ money.

Shah will be called again for questioning, an officer involved in the probe said.

“So far, 40 investors have turned up before the police and complained that they have been cheated of ₹3.5 crore. The number is likely to increase in the coming days,” said an EOW officer. “We are focusing more on the recovery part. We want to know where exactly he has kept the cash or gold. We are also checking if he has further misused the cash,” he added.

A senior EOW officer said that the police are likely to invoke sections of Maharashtra Protection of Interest of Depositors (MPID) Act in the case. If the Shah family fails to refund the investors, his assets will be auctioned and the money will be refunded to investors.

Police have also booked RSJ’s other directors, Shah’s brother Nilesh Shah, and their three sons for allegedly breaching trust of investors and cheating. Nilesh did not respond to calls or SMSes.