Nilesh Raikar.
Raikar, who had surrendered before the Economic Offences Wing on April 22 has been remanded to judicial custody till June 2. The two co-accused, his mother Rekha and wife Neelina, were arrested on May 2 and were recently bailed out.
Earlier a lookout circular had been issued against the trio for cheating hundreds of youth to the tune of Rs 50 crore. The investigation team has so far received over 400 complaints based on which the accused have been charged under sections 406 (criminal breach of trust), 420 (cheating) and 120-B (criminal conspiracy) of Indian Penal Code.
