Two more linked to Marathe Jewellers arrested in cheating case

Police have identified the arrested accused as Kaustubh Marathe (54) and his wife Manjiri (48).

Further probe revealed that 18 persons were allegedly cheated of Rs 5.09 crore by the accused.

Two more persons linked to Marathe Jewellers have been arrested for allegedly cheating people to the tune of Rs 5 crore via an investment scheme. Police have identified the arrested accused as Kaustubh Marathe (54) and his wife Manjiri (48).

Shubhangi Kute (59) had lodged the complaint in this case at the Kothrud police station in March this year. Based on her complaint, police had booked Kaustubh Marathe, Manjiri Marathe and others under sections 406, 409, 420, 34 of the Indian Penal Code and sections of the Maharashtra Protection of Interest of Depositors Act.

The accused had allegedly lured the complainant, her relatives and some other persons to invest money in a scheme, promising high returns in exchange. But they never got the assured returns.

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Further probe revealed that 18 persons were allegedly cheated of Rs 5.09 crore by the accused.

Last month, police had also arrested Pranav Marathe, another member of the family that runs Marathe Jewellers, in connection with the case. On Monday, police arrested Kaustubh and Manjiri and produced them before a court. The court remanded them to police custody till September 18 for further investigation.

A member of the Marathe family, Milind, had shot himself at the jewellery shop in December 2020. Police suspect that Milind Marathe died by suicide due to financial problems.

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