A court here today remanded the promoter of KBC Multi Trade Ltd Bhausaheb Chavan and his wife Aarati, accused of cheating thousands of investors through chit-fund schemes, to seven days' police custody.
Chavan and his wife, who were arrested at the Mumbai international airport yesterday, were produced before the court this afternoon, said Vijay Panhale, in-charge of city police's Economic Offences Wing (EOW).
KBC Multi Trade is accused of duping more than 8,000 investors in Maharashtra and elsewhere to the tune of Rs 210 crore with the promise of quick and high returns.
Chavan had floated the firm in 2011.
A case of cheating was registered against him and others in March 2014. In June that year, he and his wife had escaped to Singapore.
