Rs 400 Crore Investment Scam Unearthed in Ahilyanagar; 3,000 Victims Come Forward, Four Cops Suspended
Ahilyanagar, 24th July 2025: In one of Maharashtra’s largest suspected financial frauds in recent years, police in Ahilyanagar (formerly Ahmednagar) have arrested a man accused of defrauding thousands of investors under the guise of high-return investment schemes. The Economic Offences Wing (EOW) has revealed that over 3,000 individuals may have been cheated of nearly ₹400 crore by the accused, Bhupendra Savle.
The case, which has now triggered state-wide attention, also led to the suspension of four police personnel accused of accepting ₹1.5 crore in bribes from Savle in exchange for not initiating legal action against him.
Two FIRs Sparked Unraveling of Multi-Crore Scam
The scam first surfaced after two separate FIRs were registered in early July — one in Rahata involving ₹8 lakh, and another in Shirdi related to over ₹1.6 crore. Both complaints named Bhupendra Savle and six associates, who are now facing charges under multiple sections of the Bharatiya Nyaya Sanhita (BNS), 2023, and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999.
Savle was earlier arrested in a similar cheating case in Nandurbar district and lodged in the Nandurbar district jail. The Ahilyanagar police took custody of Savle from there to investigate the fresh complaints.
Thousands Duped Through ‘Grow More Investment Finance’ Scheme
Superintendent of Police (Ahilyanagar), Somnath Gharge, confirmed that the investigation has uncovered a massive fraud that may involve over 3,000 victims.
“Following the FIRs in Shirdi and Rahata, we saw a surge in complaints from investors. Based on their statements, we estimate that around ₹400 crore was collected under false promises. Savle initially paid returns to lure more investors, but later stopped all payments. We are committed to recovering the investors’ money,” SP Gharge said.
According to police, Savle launched his firm Grow More Investment Finance in Shirdi about 18 months ago. Several employees of the Shree Saibaba Sansthan Trust allegedly recommended this investment scheme to devotees and locals, which further boosted public trust.
CEO of the Sansthan Trust, Goraksha Gadilkar, confirmed internal action had been taken. “One of our clerks named in the FIR was suspended immediately. Three more temporary staff, also under the scanner, have had their services terminated,” Gadilkar said.
Victims Promised Unrealistic Monthly Returns
One complainant, who filed a police report on July 4, told investigators that he was promised a monthly return of ₹60,000 on an investment of ₹5 lakh over 12 months. “I received one instalment, and after that, Bhupendra kept delaying payments with vague promises,” the complainant alleged in the FIR.
Cops Under Fire for Accepting Bribes
The scandal has taken a deeper turn with the revelation that four police officials allegedly accepted ₹1.5 crore from Savle to avoid registering cases against him earlier this year. During his questioning, Savle reportedly admitted to making an electronic transfer to a relative of one of the officers.
SP Gharge confirmed the allegations. “The money trail led us to a bank account linked to a relative of one of the suspended policemen. Based on this, all four officers have been suspended pending further inquiry,” he said.
Search On for Six Co-Accused
While Savle is currently in custody, six of his alleged accomplices remain absconding. Police teams have been deployed across multiple districts to trace their whereabouts.
Authorities are urging more victims to come forward, as the scale of the scam may still be unfolding.
