Pune Investment Scam: Accused Couple Behind Rs 300 Crore Fraud Traced to Thailand, Say Police

Pune, 4th April 2025: The prime accused in a massive investment fraud case involving over ₹300 crore, Selva Kumar Nadar and his wife Sneha Nadar of Ashtavinayak Investment Firm, have been traced to Thailand, Pune Police officials confirmed. The couple, along with their minor son, fled the country in early 2023 and have been on the run ever since.

The Economic Offences Wing (EOW) of Pune Police has been investigating the multi-crore scam for over two years. “We have recently received confirmation from immigration authorities that the couple traveled to Thailand,” said Deputy Commissioner of Police (EOW) Vivek Masal. “Efforts are now underway to seek assistance from Interpol to initiate the process of bringing them back to India.”

According to investigators, the Nadars escaped Pune in February 2023, just days before a formal complaint was lodged against them. An FIR was registered on March 17, 2023, at the Bund Garden Police Station following multiple complaints from victims—primarily software engineers and other professionals.

Earlier this year, a Pune court had issued proclamation orders against the couple, declaring them absconding in connection with the financial fraud. Two lookout circulars were also issued by the police in 2023 to prevent their escape, but by then, the couple had already left the country.

The couple ran their investment operation from a mall in the Camp area under the name Ashtavinayak Investment Firm, which allegedly lured clients—mainly IT employees—with promises of easy loans, EMI management, and high returns. The firm reportedly partnered with banks and NBFCs to quickly disburse loans to customers. However, once the money was secured, the firm failed to repay EMIs or return the investors’ funds.

Three employees of the firm have already been arrested during the course of the investigation, police said.

A missing persons report was also filed with the Kondhwa Police Station in February 2023 by Nadar’s sister-in-law, reporting that the couple and their five-year-old son had gone missing. This was soon followed by a barrage of financial fraud complaints from victims who claimed to have lost their savings.

Police say they are coordinating with central agencies to initiate extradition procedures.