Pune: Pimpri-Chinchwad Police Probe Decade-Long Swindle Worth Rs 6.5 Crore In Electric Vehicle Start-Up
Bhosari, 5th June 2025: A large-scale business fraud worth Rs 6.5 crore has surfaced in the Pimpri-Chinchwad’s Bhosari MIDC are, involving the alleged misuse of intellectual property and company assets in the automotive sector. The complaint alleges that a business partnership built on trust and innovation was manipulated for personal gain, leading to serious financial and legal consequences.
The case has been filed by Nityanand Thaver (48), director of Jyoti Solutions Works and resident of Morwadi, at MIDC Bhosari Police Station. Thaver has accused Avinash Belgamwar and Akash Belgamwar, both directors of Xavion Electric Mobility Private Limited, of orchestrating the fraud over a span of a decade (2000–2010) at their Xavion ElectricMobility office in Bhosari.
According to Police Reports, the three had jointly developed a vehicle model and attempted to independently manufacture cars. Due to poor sales, the company mortgaged its property and shares to Janaseva Bank in Hadapsar to secure a loan. When they defaulted on repayments, the bank initiated an auction process. Thaver claims the Belgamwar brothers persuaded him to buy the mortgaged property himself, assuring him that Jyoti Solutions Works would hold a majority stake in a new company they would form. Thaver agreed based on a formal email proposal.
However, after Thaver purchased the property, the Belgamwar brothers allegedly backtracked on their promise. Instead, they obtained written assurance from Jyoti Solutions Works allowing them to repurchase the property and related intellectual property rights. They also purchased essential manufacturing equipment from Jyoti Solutions Works.
The Belgamwar brothers are now accused of using those equipments and IP rights to manufacture vehicles under their own firm, excluding Jyoti Solutions Works from any collaboration, thereby causing the alleged financial damage. Police Sub-Inspector Dabhade is currently investigating the case.
