Software engineers cheated of ₹300 crore; Fraud carried out by taking advantage of lacunae in banking system


Pune : NpNews24 Online  –  Pune Crime News | A man took advantage of many people being unable to pay their loans during lockdown and told them to take loans from various banks by telling them that he will top up their loans. He forced them to invest money in his company. Later, the director of a company has disappeared after locking his office after duping 200 people of ₹300 crore. (Pune Crime News)


The accused has been identified as Selvakumar Nadar, a resident of Kumar Prithvi Apartment, Kondhwa. A 38-year-old man has lodged a complaint (84/23) at the Bund Garden police station. The incident took place at Ashtavinayak Investment located in Nucleus Mall situated opposite the police commissionerate from August 2020 to November 2022.


According to the police, Selva Nadar started Ashtavinayak Investment Company. He collected details about people working in IT sector whose loans were pending from a data vendor. He appointed staff in his office and these people were contacted. Nadar told them that he would get their loans topped up. He told them that he would take loans on their behalf. He took documents for KYC to take loans from three banks. He took loans on their behalf from three banks and repaid their earlier loans. Since their Cibil score was good, it was easy for them to get loans. When a person takes a loan from a bank, it takes at least a week to 45 days for it to be registered on their Cibil score. Hence, he took loans of lakhs of rupees on behalf of one person from 3 banks. He told them to keep this money as FDs in Ashtavinayak Investment and promised to deliver handsome returns on their investment.


He was giving them a monthly amount to enable them to pay the EMI hence, nobody had any doubt. From November 2022, he started dilly-dallying about paying them the monthly amount. He told investors that they should pay the EMI and he would pay them later. On February 22, 2023, he closed his office and disappeared. Later, the investors approached the police.


He got personal loans sanctioned for investors and told them to invest ₹40.89 lakh deposited in their accounts as FDs in Ashtavinayak Investment. Later, he got a loan of ₹15 lakh approved from Bajaj Finance and sent the EMI amount til 2022 to the complainant’s account. From January 2023, he did not pay the EMI of ₹33.85 lakh and did not return ₹2.80 lakh invested in SIP. He did not return ₹36.65 lakh which was invested by investors and he has also cheated 16 others of ₹7.95 crore. Hence, he has cheated 200 investors of approximately ₹300 crore and has disappeared.


Join our Telegramfacebook page and Twitter for every update

Leave A Reply