Nanded police gets custody of KBC scam accused

The promoter of KBC Multi Trade Ltd Bhausaheb Chavan and his wife Aarti in the KBC-scam case, in which they allegedly fleeced investors for about `210 crore, were on Saturday handed over to the Nanded police for further interrogation.

The duo had cheated about 450 investors in Nanded and others in the neighbouring Parbhani district.

Speaking about the case, ACP (crime) Sachin Gore told The Asian Age, “They will be taken to Nanded on Saturday and will be produced in court on Sunday, which will then decide the remand,” he said.

The police custody of the accused had concluded on Friday and the Nashik sessions court had then remanded them to judicial custody.

The Pune CID too is investigating seven cases in which investors have lost Rs 39 crore.

After the Nanded police, the Pune CID too will get the couple’s custody, claimed sources.

In Nashik, 7,500 investors have come forward to register complaints claiming that they have been duped of Rs 210 crore by the Chavans.

Readers may recall that, in 2014 the accused duo had lured in investors by promising them triple returns in three years.

They had first targeted investors from rural areas and then moved on to ones from urban areas. The police has attached properties, gold and cash from lockers and banks accounts of accused Chavan. So far, the police have uncovered 18.931 kg gold and 2.300 kg silver collectively valued at Rs 5.72 crores.