The Economic Offences Wing (EOW) of Mumbai Police arrested two brothers, owners of the ‘Rasiklal Sankalchand’ Jewellery showroom, for cheating customers of Rs 300 crore in the name of deposit schemes. As per police, many people invested large amounts of money in the Ponzi schemes run by the brothers, Rasiklal Shah, 55 and Nilesh Rasiklal Shah, 53. “The accused brothers promised large amount of returns to the customers on their deposit schemes and cheated them by closing down the store without any notice,” said the EOW official.

The Pant Nagar police handed over the case to the EOW after receiving complaints from the customers. The EOW officials arrested the brothers on Monday. The culprits have been booked under Indian Penal Code Sections 420 (cheating) and 406 (criminal breach of trust), and provisions of the Maharashtra Protection of Interests of Depositors (MPID) Act, the official said.