The TWJ Associates Pvt. Ltd. scam investigation intensified after the Jalgaon Economic Offences Wing arrested Samir Subhash Narvekar and Neha Samir Narvekar over allegations of cheating 279 investors of approximately ₹23.81 crore. Investigators alleged that the company promoted high-return share market trading schemes through franchise networks operating across Maharashtra. Police claimed investors neither received promised returns nor repayment after the maturity periods expired. Authorities are now examining financial records, investor agreements, company assets, and multiple related cases registered across the state.

TWJ Associates Scam: Jalgaon EOW Arrests Directors Samir Narvekar and Neha Narvekar in ₹23.81 Crore Investor Fraud Case

The Jalgaon Economic Offences Wing has arrested TWJ Associates Pvt. Ltd. directors Samir Narvekar and Neha Narvekar in connection with an alleged ₹23.81 crore investment fraud involving 279 investors across Maharashtra.

The TWJ Associates scam has intensified after the Jalgaon Economic Offences Wing arrested company directors Samir Subhash Narvekar and Neha Samir Narvekar from Thane Central Jail following court permission.

Police officials said the arrests were linked to allegations that investors were promised unusually high monthly returns through share market trading schemes allegedly operated in violation of financial regulations and deposit laws.

According to investigators, the complaint was initially filed by Milind Shalikrao Patil, a resident of Jalgaon, against TWJ Associates Pvt. Ltd., Pune, over alleged non-payment of investor returns after maturity periods expired.

The inquiry was conducted under the directions of Superintendent of Police Shrikant Dhiware, with the Economic Offences Wing examining company operations, franchise arrangements, investor collections, and financial transactions linked to the accused entities.

Investigation reveals franchise network and investor collection operations

During the investigation, officials reportedly found that Milind Patil was operating as the Jalgaon franchise partner of TWJ Associates Pvt. Ltd. under agreements executed with Samir Narvekar and Neha Narvekar.

Police stated that Patil allegedly accepted investments from individuals, executed agreements with investors, and earned substantial commissions connected to the company’s deposit mobilisation and investment-related activities across the Jalgaon region.

Investigators further alleged that TWJ Associates Pvt. Ltd. and TWJ Infrastructure Development Pvt. Ltd. conducted seminars across multiple locations between December 2020 and September 2025 to attract investors.

According to the Economic Offences Wing, investors were allegedly promised high monthly returns through share market trading opportunities, while authorities claim the schemes violated Securities and Exchange Board of India regulations.

Police records indicate that approximately ₹23.81 crore was allegedly collected from 279 investors for eleven-month investment periods, after which investors reportedly neither received promised returns nor repayment amounts.

Also Read: Hetawane Irrigation Project Faces Corruption Allegations.

FIR registered under the BNS and the Unregulated Deposit Schemes Act

Based on a complaint filed by Bharat Ratilal Pawar, a resident of Paldhi, an FIR numbered 165/2026 was registered at District Peth Police Station in Jalgaon district.

The case has been registered under Sections 318(4), 316(2), 316(5), and 61(2) of the Bharatiya Nyaya Sanhita 2023, alongside provisions of the Banning of Unregulated Deposit Schemes Act 2019.

Police confirmed that Milind Shalikrao Patil, identified as the branch manager of the Jalgaon franchise, had already been arrested earlier and remains in judicial custody pending further investigation proceedings.

Officials stated that Samir Narvekar and Neha Narvekar were already lodged in Thane Central Prison in connection with another case registered at Srinagar Police Station in Thane city before their transfer.

The Economic Offences Wing team reportedly took custody of both accused on May 25, 2026, before formally arresting them at approximately 12.51 am on May 26 after completing procedural formalities.

Multiple cases registered against TWJ Associates across Maharashtra

Authorities informed the court that several MPID and cheating-related offences have also been registered against the company directors in Yavatmal, Ratnagiri, Navi Mumbai, Pune, Thane, Nagpur, Raigad, and Chhatrapati Sambhajinagar.

Police records further show that Srinagar Police Station, Thane City, had previously arrested Samir Narvekar and Neha Narvekar on January 29, 2026, in another alleged financial fraud investigation.

A sessions court later remanded both accused to police custody until June 29, 2026, allowing investigators to examine financial transactions, company assets, investor records, and related documentation in greater detail.

The investigation is being supervised by Superintendent of Police Shrikant Dhiware, Additional Superintendent of Police Sandeep Gavit, and Economic Offences Wing officer Sandeep Patil, alongside multiple investigating personnel from Jalgaon district.

Police have appealed to all investors associated with the Jalgaon branch of TWJ Associates Pvt. Ltd. to submit their investment-related documents and information before the Economic Offences Wing for verification and investigation purposes.

Readers following the TWJ Associates scam developments can continue sharing documents and testimonies with investigative agencies. Sprouts News Editor-in-Chief Unmesh Gujarathi first investigated the alleged scam, and his continuous follow-up reportedly helped authorities accelerate coordinated police action across multiple jurisdictions.

Editorial Note:

This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.