During investigations after his arrest, the police have recovered 8.43kg of gold and 2.3kg of silver from various lockers of Chavan and his relatives.
The mastermind in the KBC investment scam case, Bhausaheb Chavan, has been remanded to further police custody till May 19.
Chavan and his wife Aarti were arrested by the police last week in connection with the Rs210-crore investment scam. Chavan, with the help of relatives, had lured thousands of investors into investing their money in the KBC scheme in return for three times their investment. While only a few of the initial investors got any benefits, almost all the others — spread all across Maharashtra as well as in neighbouring states — were cheated. Taking cognizance of a letter, the Nashik police had filed a case against Chavan and attached his properties in Nashik.
However, since the case was filed and after Chavan got bail in 2014, he had been absconding with his wife. They were arrested on May 6 this year. The court had initially remanded them to police custody till May 13, and on Friday, increased their police custody till May 19.
During investigations after his arrest, the police have recovered 8.43kg of gold and 2.3kg of silver from various lockers of Chavan and his relatives.
Meanwhile, in another development, the income tax department sought information about the different properties possessed by Chavan. After the gold and silver were recovered from the lockers, the income tax department sought an explanation from Chavan about its source and what taxes had been paid for the same.
The income tax department has written a letter to the police commissioner, saying it has sought explanation from the accused about the source of the recovered gold and silver, when was it purchased and details about its accounts, informed officials from the economic offences wing who are investigating the case.
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