Pune Crime News | Economic Offenses Wing Pune, Busts Multi-Crore Investment Fraud, Three Arrested
Pune : Pune Crime News | The Economic Offenses Wing Pune (EoW Pune) has made a significant breakthrough in exposing a multi-crore investment fraud that has duped numerous individuals through a web of deceitful promises. Three individuals, including a finance manager, an official Direct Selling Agent (DSA) of a financial institution, and an informant, have been apprehended for orchestrating the scam. The arrests were carried out by the Economic Crime Branch on Tuesday (18). (Pune Crime News)
The arrested suspects have been identified as Finance Manager Prasad Deepak Shinde (30, resident of Dwarka Dham Society, Kondhwa Budruk), Ajay Kailas Khadse (25, resident of Amvani Nilay Building, Shikrapur), and Nitin Gajanan Shinde (35, resident of Netajinagar Society, Wanwadi). The case was reported to the police by Sachin Purushottam Pawar (38, resident of Wagholi, native of Chopra, district Jalgaon).
The fraudsters have allegedly swindled approximately 200 people, including the complainant, for a staggering amount of Rs 300 crore (Fraud Case). This fraudulent activity spanned from August 2020 to November 2022. The plaintiff, Sachin Purushottam Pawar, fell victim to their deceptive tactics, losing Rs 36 lakh 65 thousand 831 in the process. (Pune Crime News)
According to police investigations, the accused operated under the direction of Selva Kumar Nadar, the director of Ashtavinayak Investment Company, who is currently at large and being pursued by the police. The accused gained the complainant’s trust by enticing them with the promise of substantial profits through investments in the company. Between August 2020 and November 2022, they facilitated personal loans worth Rs 47 lakh 93 thousand 331 from six different banks in the complainant’s name. Subsequently, Rs 40 lakh 89 thousand 152 from the plaintiff’s bank account was invested as deposits in Ashtavinayak Investments.
To close three loan accounts, the plaintiff was persuaded to take an additional loan of Rs 15 lakhs from Bajaj Finance, which was then invested as a deposit. Initially, the accused diligently repaid loan installments until December 2022. However, beginning in January 2023, they defaulted on outstanding loan payments, leaving the plaintiff with an unsettled loan amount of Rs 33 lakh 85 thousand 831. Furthermore, the plaintiff invested Rs 2 lakh 80 thousand as monthly installments of Rs 10 thousand in Ashtavinayak Company between September 2020 and December 2022, but the investment was not returned as promised.
Shockingly, this fraudulent scheme has affected 16 more borrowers, resulting in a collective loss of Rs 7 crore 58 lakh 95 thousand 845. Overall, approximately 200 victims have been swindled of nearly Rs 300 crore.
The authorities are vigorously pursuing Selva Kumar Nadar, the prime accused, who is on the run. Meanwhile, Sachin Purushottam Pawar, along with 214 others, has sought legal recourse, represented by Advocates Manish Nikam, Abhijit Doifode, and Satish Golande.
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