Investment fraud: Relative of mastermind arrested

NASHIK: A city court on Saturday ordered police remand for Kaushalya Sanjay Jagtap, one of the accused in KBC Multi-Trade Ltd fraud case, till July 21.
Jagtap, who was arrested on Friday, is related to Bhausaheb Chavan, the main accused in the fraud.
With Kaushalya's arrest, the total number of persons caught by the Adgaon police reached eight.
According to senior police officials, over 2,000 people have approached them to lodge complaints against the company for allegedly duping them of crores of rupees.The police have learnt that the company has cheated people of over Rs 74 crore; even as more duped investors were lining up the police station to register their complaints.
The police have initiated the process of issuing a red corner notice and a lookout circular to the immigration department to arrest Chavan, the main accused in the case, who is apparently hiding in Singapore.
After the complaint against Bhausaheb Chavan and others at the Adgaon police station on Friday, there is a beeline of people at the Adgaon police station, who got cheated by the KBC Company which assured huge returns on their investment in two to three years.
Unable to take the pressure from investors, a 26-year-old agent of the company, along with his mother, committed suicide in the Kumbharwada area of Bhadrakali on July 14.
Political parties too have taken to the streets over the past few days to press demands of justice to investors and arrest of all the accused in the fraud case.