Business Standard

Thane court sentences man, wife to 7-year RI for duping investors


Press Trust of India Thane
A court here sentenced a 42-year-old man and his wife to seven-year rigorous imprisonment for duping investors of several crores of rupees.
In the verdict pronounced last week, District Judge P P Jadhav also imposed a fine of Rs 76.10 lakh each on Satish Damodar Shedage and his wife Kshitija (38).
The prosecution told the court that the convicts, residents of Pune's Hadapsar area, had set up a firm called S K International in Thane. They hired employees and lured investors, promising them lucrative returns.
However, after taking money from people in Thane and other parts of Maharashtra, Satish and Kshitija failed to pay any returns, the court was told.
The couple was tried under relevant sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

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First Published: Sep 28 2019 | 5:40 PM IST

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