Mumbai: The Mumbai Police's Economic Offence Wing (EOW) has issued a Look Out Circular (LOC) against the director of Rasiklal Sankalchand Jewellers (RSJ) for duping several investors. The LOC has been issued against total five suspects.
According to a wing officer, they issued LOC against RSJ director, Jayesh Shah, his brother Nilesh Shah, Jayesh's sons Zenil and Vattsal and against the son of Nilesh Shah.
Recently, the Pant Nagar police registered a case of cheating and criminal breach of trust against Jayesh Shah and other directors of the RSJ for duping several investors. The probe was later transferred to the EOW.
According to the First Information Report, Shah allegedly duped people through investment schemes. The investors were promised gold jewellery equivalent to their 12 months of investments paid in 12 installments. A victim said the last installment was to be paid by the jeweller as an incentive.
