Pune Crime News | 300 Crore Ashtavinayak Finance Scam: Pune Police Get Leads In the Case
Pune : Pune Crime News | A massive financial scam, amounting to a staggering 300 crores, has been exposed in Pune city, leaving 200 highly educated youths as victims of the deceitful trap laid by Ashtavinayak Finances Company. The company’s owner, Selva Nadar, stands accused of swindling these unsuspecting individuals through fraudulent loan top-ups, purportedly to clear their overdue debts.
The modus operandi employed by Selva Nadar was deceptively simple yet devastatingly effective. He convinced the loan-seeking youths to raise funds through his firm, promising attractive returns on their investments. However, instead of utilizing the loan money for its intended purpose, Nadar cunningly directed it to be invested back into his own company, Ashtavinayak Finances. With the money secured and his pockets lined, he abruptly shuttered the company and vanished, leaving a trail of financial ruin behind.
In the wake of this shocking revelation, 26 victims have come forward and lodged formal complaints with the police, seeking justice for their financial losses. While the police have managed to apprehend three individuals, including Ashtavinayak’s finance manager Prasad Shinde, the mastermind of the scam, Selva Nadar, remains elusive, evading the law for the past six months.
In a significant development, it has come to light that Selva Nadar had a clandestine meeting with a senior official of the company before disappearing. The police, optimistic about obtaining crucial information from Prasad Shinde, believe that this lead could pave the way to nabbing the absconding main accused.
Those arrested include Ashtavinayak firm’s finance manager Prasad Shinde (30), Ajay Khadse, and Nitin Shinde. As Selva Nadar is the key orchestrator of this elaborate financial scheme that unfolded from August 2020 to February 2023, the police are determined to extract crucial information from Khadse and investigate Nitin Shinde regarding the purchase of customer data.
The scam unfolded in a manner where Nadar collected deposits in Ashtavinayak Investments from August 2020 to November 2022, utilizing bank loans procured for the unsuspecting youths. The borrowed amount was then funneled back into Ashtavinayak firm, promising attractive returns to the investors. As a result, these individuals received a monthly sum to service their loan installments. However, the payments ceased abruptly in November 2022, and on February 22, 2023, Nadar clandestinely shut down the office, leaving behind distraught victims in his wake.
As the investigation intensifies and the hunt for Selva Nadar continues, the authorities aim to bring the perpetrators of this heinous financial fraud to justice, offering solace to those whose lives have been upended by this shocking betrayal of trust.
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