Pune: Loan scam unearthed; 'Investment' firm dupes 200 of Rs 300 crore; accused on run

A case has been registered by Pune Police against Selva Kumar Nadar, owner of 'Ashtavinayak Investment', for allegedly cheating investors out of Rs 300 crore.

According to officials, at least 200 investors have been cheated by the accused. Nadar allegedly took loans in the name of investors and promised them huge returns on their investments, the officials said.

The Bundgarden police have registered an offence under relevant provisions of the Indian Penal Code and Maharashtra Protection of Interest of Depositors (MPID) Act based on a complaint lodged by Sachin Purshottam Pawar, an employee of a US-based investment bank employee, and 16 others. Pawar was allegedly duped of Rs 36.65 lakh by the accused.

According to Pawar’s complaint, he received a phone call from marketing executives of Ashtavinayak Investment, who enquired if had some ongoing loans and whether he would like to transfer them to another company at a cheaper rate.

Investigations into the complaint have revealed that Nadar operated his firm in the Camp area of Pune city and lured people with promises of big returns on their investments.

The accused convinced investors to take loans in their names, which he then used for the firm's investment, promising them they wouldn't have to repay the loans.

Nadar has fled and no arrests have been made in the case so far. The accused abruptly shut company offices in February 2023, leaving investors stranded. Police officials are continuing their investigations and are searching for the accused.

Investors have been warned to be cautious while investing and to avoid getting lured by promises of high returns. The incident is yet another example of how people can be taken advantage of by fraudsters looking to make a quick profit.

The Pune Police have advised investors to do thorough research and verify the credentials of the companies and people they are dealing with.