The Mumbai Police on Monday arrested Jayesh Rasiklal and Nikesh Rasiklal, directors of Rasiklal Sankalchand Jewellers (RSJ), for allegedly cheating several investors.
Police said the jewellers had offered various gold-related schemes in which a person could invest money and earn higher return.
However, since last month, the two allegedly stopped making payments, following which, investors had approached the Pant Nagar police. The case was later transferred to the Economic Offences Wing of the Mumbai Police, following which, an FIR on charges of cheating, among other sections, was registered. The EOW had earlier issued a Look Out Notice against the accused.