Prime accused and promoter of KBC Multi Trade Ltd, Bhausaheb Chavan and his wife Aarati, who were in police custody here in connection with a case of cheating thousands of investors through chit-fund schemes, have been handed over to Nanded police.
According to the Economic Offences Wing (EOW) of the city police, the duo were handed over to Nanded Police following directives from a district court last evening after their 14-day police remand ended.
The court granted permission for the same after Nanded local crime branch police inspector, D S Wanjale and CID Assistant Police inspector Vinod Dighore told Judge S R Kadam that KBC had duped more than 450 investors in Nanded and have lodged a complaint with Vajaribad police station and hence the duo need to be interrogated there.
Both the accused allegedly cheated investors in Nanded andParbhani in Maharashtra to the tune of Rs 44 crore, the court was told.
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.
Police has already impounded gold and silver ornaments of 25 kg costing Rs five crore from Chavan's various bank lockers and also seized property worth Rs 80 crore, EOW inspector Vijay Panhale said.
Both Chavan and wife were arrested from Mumbai airport immediately after their arrival from Singapore on May 6. They were produced in Nashik court next day and were remanded to police custody till May 20. Eight others accused in connection with scam are already behind bars.
Nanded Police will produce the couple before a court today or tomorrow to seek their custody after formally placing them under arrest, Wanjale added.
