Pune: Economic Offences Wing Investigates Rs 300 Crore Fraud Case By Ashtvinayak Group
Mubarak Ansari
Pune, 18th March 2023: The Economic Offences Wing (EOW) of the Pune city police Crime Branch is investigating a case in which approximately 200 people have been cheated of around Rs 300 crore.
Based on a complaint from one of the investors, Sachin Pawar (38) of Lohegaon, an FIR was registered yesterday at Bundgarden police station against Selva Kumar Nadar, who is the promoter and CEO of Ashtavinyak Group. The company has an office in Nucleus Mall, Camp.
According to the police, the incident took place between August 2020 and November 2022. The accused Nadar, a resident of Kondhwa, and his staff used to offer low-interest loans as well as high returns on investments in various schemes. They made the complainant take a personal loan for the investment. The complainant, who works with a private investment bank, had taken some loans earlier and fell into their trap.
The accused helped him with loans, and when the amount in his account reached Rs 40.89 lakh, they re-invested it in their Ashtavinayak Investment deposit scheme. Furthermore, they took a Rs 15 lakh loan from Bajaj Finance on his behalf. Till the year 2022, the accused sent him amounts to pay EMIs but stopped sending the amount in his account since January 2023. There is still a loan of Rs 33.85 lakh in the name of the complainant. They have also not returned Rs 2.8 lakh in SIPs.
The complainant told the police that there are about 200 investors like him who have invested approximately Rs 300 crore.
The police have booked Nadar and his accomplices for offences under sections 420 (cheating), 406 (criminal breach of trust), 34 (common intention) of the Indian Penal Code (IPC) and other relevant sections of the Maharashtra Protection of Interests of Depositors (MPID) Act. Assistant Police Inspector Mayur Vairagkar from EOW is further investigating the case.
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