MUMBAI: 

The owners of a jewellery store in suburban Ghatkopar have been arrested by Mumbai Police's Economic Offences Wing (EOW) for allegedly cheating customers to the tune of Rs. 300 crore, an official said on Tuesday.

The accused, Jayesh Rasiklal Shah, 55 and Nilesh Rasiklal Shah, 53 both brothers, ran the ''Rasiklal Sankalchand'' jewellery showroom in Mumbai and allegedly promised good returns to customers on their deposit schemes, he said. Several people subsequently invested large amounts of money in the Ponzi schemes over several months, the EOW official said.

However, on October 28, the customers found the store shut and realised they were cheated.

The customers then filed a complaint with Pant Nagar police and the case was later taken over by the EOW.

While conducting probe in the case, the EOW arrested the two accused on Monday, the official said.

Some of the jewellery store employees last week complained to the labour commissioner that they had not been paid for six months, he said.

The accused 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.

subscribe

The MPID Act empowers the probing agency to attach and liquidate the assets of the accused to compensate the victims for their losses, he added.

Sharad Pawar Waited 10 am To 7:30 pm For Congress Letter: Ajit Pawar

MUMBAI: 

Hours before the Union Cabinet recommended President's Rule in Maharashtra, Nationalist Congress Party (NCP) leader Ajit Pawar stopped short of blaming ally Congress for the "delay" in deciding on whether to support the Shiv Sena in a non-BJP government in Maharashtra.

Sources say his uncle, NCP chief Sharad Pawar, is upset with the Congress.

The Congress held off on sending its leaders to Mumbai this morning, asking Sharad Pawar to come to Delhi instead and speak to its chief Sonia Gandhi. But the NCP chief declined, citing a meeting with his party MLAs, and the two then spoke on the phone.

Earlier, top Congress leader Ahmed Patel also reportedly spoke to Mr Pawar to discuss possibilities of government formation.

Ahead of its meeting with Governor Bhagat Singh Koshyari last evening, the Shiv Sena did not have letters of support from the Congress. The NCP, which had agreed to support the Sena, was left holding on to its letter of support.

"We (NCP) waited for their (Congress) letter yesterday. But we did not receive the letter by the evening. It was not right for us to give the letter. Whatever be the decision, there should be stability," Ajit Pawar told reporters.

"From morning 10 am till 7:30 pm on Monday, our leaders including Sharad Pawar, Praful Patel were

waiting for their letter. They (Shiv Sena) had to submit the letter till 7:30 pm. If Congress was not sending its letter of support, how could we give ours," Ajit Pawar disclosed.