Mangalore, March 10: A Surathkal based couple, who were arrested in connection with a major fraud case, were remanded to police custody for five days by a local court.
Mayyaddi (62) and his wife Zubeida (52), who amassed wealth worth crores of rupess by cheating people through a finance enterprise, were caught by Mangalore police last Sunday.
According to the police, the accused have borrowed around Rs 60 lakhs by mortgaging 3 kg gold in private financial firms and cooperative societies in Kulai and Surathkal. Receipts of various banks have been recovered from the accused.
The couple, who started a finance enterprise in October 2010, had managed to convince people with promises that the amount or gold deposited in their establishment will be doubled in a short period.
They were distributing promissory notes and cheques to customers as a token for their deposits.
In the beginning, the duo had paid interest to the depositors. However, the couple were found missing for the last few days.
Several complaints have been filed at the Surathkal police station against the couple.
Shavina Begam of Krishnapura had stated in her complaint that she had deposited Rs 1 lakh with the couple. While Balqees deposited Rs 6.5 lakh, Shabana put Rs 2 lakh and 320 grams of gold with the couple.
Zohara had deposited Rs 4.5 lakh and 240 grams gold. While, Kamaru Banu gave Rs 3 lakh and 588 grams of gold. Similarly, Habiba of Krishnapura had deposited Rs 2.65 lakhs and 245 grams of gold with the couple.
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