Court Denies Bail to Woman in Rs 7 Crore Ponzi Scheme Case

A court has denied bail to Meera Phadnis, accused of duping people of over Rs 7 crore through ponzi schemes. Phadnis falsely claimed connections with the Deputy Chief Minister and RSS leaders to lure investors. The court cited her significant involvement in a deep conspiracy as the reason for denial.

A local court has rejected the bail application of Meera Phadnis, who allegedly scammed people out of more than Rs 7 crore through fraudulent investment schemes, claiming fake connections to high-ranking officials.

The sessions court dismissed the bail plea last week. Phadnis was apprehended by Yavatmal police earlier this year for defrauding multiple people by promising high returns from fake schemes. She falsely presented herself as a relative of Deputy Chief Minister Devendra Fadnavis and claimed connections to RSS functionaries.

Phadnis and her co-accused, Aniruddha Hoshing, sought to convince investors that the schemes were legitimate tourism department initiatives. The court, emphasizing the serious nature of the crime, determined that releasing Phadnis on bail would be improper due to her significant complicity in the conspiracy, according to Advocate Varun Bhutada.

(With inputs from agencies.)