India, April 17 -- A special court under the Maharashtra Protection of Interest of Depositors (MPID) Act has remanded father-son duo Rashmikant Thanawala and Dipen Thanawala to the Economic Offences Wing (EOW) custody till April 21 in a multi-crore investment fraud case.

Investigators allege that the duo raised over Rs.150 crore through a scheme run over nearly a decade, promising fixed monthly returns of 2% and gains linked to initial public offerings (IPOs). Instead of investing the money as claimed, the funds were allegedly siphoned off through multiple firms and accounts and some were even routed overseas. More than 50 investors are believed to have been affected.

Allowing custodial interrogation, the court said investigators need t...