Top TBZ officials booked by Nagpur police for "cheating"

Two directors of well-known jewellery chain TBZ were booked on Monday after two Nagpur men alleged they were cheated by the company to the tune of Rs 20 lakh, police said.

The accused have been identified as Hemant Zaveri and Sagar Zaveri (34), directors of Mumbai-based Tribhovandas Bhimji Zaveri & Sons Pvt Ltd (TBZ), according to a press release issued by the Nagpur police commissionerate.

One of the complainants, Uttangrao Marotrao Bhojapai (60) and his friend Prashant Kumar Taytas invested Rs 10 lakh each in a scheme of the company for nine years at its Chhaoni branch here in April 2012 (till September 2021), it said.

As per the scheme, the investors were assured of getting 1.5 per cent returns per month from the TBZ branch, the statement said, quoting from the complaint.

When the branch stopped sharing profits with the duo, Bhojapai and Taytas approached the company and sought return of their original investment (total Rs 20 lakh), but TBZ officials kept dilly-dallying over payment, it said.

On not getting their money back, the duo approached the police and lodged the complaint and attached relevant documents.

Based on the complaint, an offence under IPC sections 406 (criminal breach of trust), 420 (cheating) and 34 (acts done by several persons in furtherance of common intention) was registered against the two TBZ officials at the Sadar police station, the statement added.

Local TBZ officials could not be contacted for comment over the matter.