8.43kg gold found in lockers of KBC investment scam mastermind

As much as 8.43kg gold has been recovered from four lockers belonging to Bhausaheb Chavan, the accused mastermind of the KBC investment scam. In fact, the police had arrested Chavan and his wife Aarti on May 6 and the court had remanded them into police custody.

During the police investigation, Chavan is said to have informed about these lockers, which were opened in the presence of the accused, bank officials, government authority and the police.

The first locker was opened on Tuesday, in which 6.8kg gold worth Rs2 crore was found. There were other lockers, owned by Chavan's brothers, co-accused in the case and also in jail. Two more lockers were opened on Wednesday, but they had nothing. In the fourth locker, 2.35kg gold in the form of jewellery was found. The police also found 2.3kg silver, worth Rs65 lakh. All the items were confiscated.

Meanwhile, police said Chavan was co-operating with them and has expressed readiness to return money to the investors after due process. Luring investors with promises of three times the returns of the investments they make, KBC Multitrade, a private limited company, had duped thousands of crores of rupees.