India, Feb. 2 -- The Thane police's Economic Offences Wing (EOW) has arrested three persons from Gujarat for their alleged involvement in a massive investment fraud worth over Rs.1,200 crore, in which more than 11,000 investors across Maharashtra were cheated.

The arrested accused have been identified as Sameer Narvekar, 37, his wife Neha Narvekar, 35, and their associate Amit Palav, 37. They were arrested in Gujarat on Thursday and produced before a local court, which remanded them to 10 days of police custody. The police said multiple cases of cheating and fraud had earlier been registered against Sameer in eight districts of Maharashtra.

According to the police, the accused were running an investment firm, Trade With Jazz (TWJ), from...