Nashik, Dec 3 (UNI) A woman director of a company, arrested for allegedly cheating several farmers to the tune of Rs 9,05,000, was yesterday remanded to police custody by a local court till December 6.
According to police, the accused Meenakshi Vilas Jadhav, resident of Ravishankar society, Peth Road had formed a company VM Finance with her husband Vilas Jadhav at Balwant Plaza in Vakilwadi area of the city here. The company had published advertisements for providing a loan of upto Rs 50 lakh at a lower interest rate for an acre of land.
Within a span of two years from November 2005, several farmers from various parts of the district submitted documents with loan processing fees and 10 to 15 per cent amount as deposit for the loan. But to the farmer's dismay no steps were taken in procuring them the loan amount.
Four months ago, following farmer's agitation, the duo had called a press conference and assured the farmers of returning their money. Cheques were issued in various names of the farmers but they too bounced, adding more to their anxieties.
Finally, a complaint was lodged by Mr Vinod Padmakar Dusane, resident of Dindori road along with five others with the Sarkarwada police. Acting on this, police arrested Jadhav on Saturday. A case has been filed in the matter against the couple under sections 406, 418, 420 and 34 of the Indian Penal Code.
Meanwhile, Mr Vilas Jadhav is also expected to be arrested soon, police sources said.