The Judicial Magistrate First Class (JMFC) Ponda will on Thursday hear bail applications of a husband-wife duo arrested in connection with cheating several people on assurances of providing them loans at low-interest rates.
The couple identified as Ankush Kadam and Pooja, both natives of Chinchale in Sangli were arrested by the Crime Branch last Saturday. The local court remanded them to four days of police custody that ended on Wednesday.
While the CB on Thursday will appeal to the JMFC to extend their police custody, the couple's bail applications will also be heard on the same day.
As per the FIR, they operated from a bungalow in Ponda where people were invited to avail loans from Rs 1 crore to Rs 10 crore at a 4 per cent rate of interest. The loan was on condition that investors pay 1 per cent commission on the assured loan amount, which had to be paid in advance. Through this modus operandi, the couple cheated several investors who later approached the police seeking immediate action.
The raiding team raided the premises and attached Rs 1.70 lakh, 14 mobile phones and other articles. The couple was arrested under sections 420 (cheating) read with 34 (common intention) of the IPC.