June 16, 2024

The Mastermind behind Pune’s Rs 300-crore Investment Scam Still Missing after 6 Months

Selva Nadar, the previous investment advisor who conned around 200 Pune residents of over Rs 300 crore, remains undetected. Despite a six-month-long investigation by the Economic Offences Wing (EOW), Nadar’s whereabouts remain uncertain. He is the owner of the defunct firm, Ashtavinayak Investment.

After shutting his offices in February, the 40-year-old has not made any contact. Additionally, he is accused of aiding suicide, following the death of one of his victims, Prabhat Ranjan of Kharadi. Ranjan took his own life and blamed Nadar and three other individuals.

In the aftermath of Ranjan’s suicide, the EOW detained Nadar’s three associates. The police suspect these individuals assisted Nadar in carrying out the fraudulent scheme. EOW has been working diligently investigating 1,600 loan accounts of the victims in 27 private banks and non-banking financial institutions (NBFC), however, Nadar has still not been located.

EOW issued a Lookout Circular when it became evident that Nadar had vanished with his family, considering he might try to escape overseas. Investigators were hopeful when they received Nadar’s iPhone, which a cleaner found in a rubbish bin at a roadside cafe on the Pune-Mumbai Expressway. But unfortunately, the data didn’t lead to any fruitful findings.

The police have been in contact with relatives of Nadar and his wife in Mumbai for potential leads, and have interrogated Prasad Shinde, a former finance manager at Ashtavinayak, but efforts remain unsuccessful. An EOW senior officer mentioned, “Nadar remains untraceable, but we have arrested three other culprits. We have documented accounts of 75 victims and accumulated crucial documents from private banks and NBFCs, and we’re now ready to file a charge-sheet.”

The victims are still being pursued by banks for loan recovery, despite EOW urging banks to slow down. The situation has caused great stress among the victims, some of whom have thought about ending their lives.

Nadar started his investment consultancy in 2009, attracting high-income professionals with lucrative returns on investments. Unfortunately, by February 2023, Nadar disappeared and his clients realised they had been defrauded.

Frequently Asked Questions

Who is Selva Nadar?

Nadar is the owner of the defunct firm, Ashtavinayak Investment. He has allegedly scammed over 200 Pune residents of over Rs 300 crore and disappeared in February 2023.

What is Ashtavinayak Investment?

Ashtavinayak Investment is Nadar’s now-defunct investment consultancy. He started operations in 2009 and lured high-income professionals to invest in his company, promising significant returns.

How did Selva Nadar carry out the scam?

Nadar used the profiles of his investors – individuals with high earnings and favorable credit records to take out personal loans from banks. This amount would then be directed towards different activities of Nadar’s companies. A portion of the profits would be shared with the investors. However, things took a turn when he disappeared in February 2023, leaving his victims in significant financial distress.