Pune: The preliminary probe of the Economic Offences Wing (EOW) of Pune city police reveals that officials of 27 banks bypassed the Reserve Bank of India (RBI) rules to approve loans taken by investors of Ashtavinayak Investment firm run by Selva Nadar.
“Bank officials along with DSA (direct selling agent) and connectors cleared loan file of investors by violating regulations,” said an EOW official on condition of anonymity.
According to the investigation officials, DSA’s share in the financial fraud will be around ₹25,000- ₹27,000 for each loan file cleared and he will pass on some commission to connectors.
The court on Tuesday granted the arrested accused, including Prasad Shinde, Ajay Kailas Khadse and Nitin Gajanana Shinde, to police custody till July 21.
While demanding custody, the police said that the accused, who worked for on-the-run Nadar, produced fake documents to get loans disbursed for investors, mostly those working in the IT sector. They also used fake documents to clear bank loans for those hailing from states other than Maharashtra. The police have found three cases in which investors are from other states and obtained bank loans by producing his/her fake documents.
The police sought the custody of the accused as the prime accused Nadar is yet to be arrested.
{{/usCountry}}The police sought the custody of the accused as the prime accused Nadar is yet to be arrested.
{{/usCountry}}Lawyers Abhijit Doiphode, Satish Golande and Manish Nikam were present at the court during proceedings. Doiphode said, “Accused Shinde supplied the data of employees working in an IT company to Ashtavinayak Investment firm in violation of licence rules under the Information Technology Act. Other accused used this information to target professionals in the company for various investment plans of Ashtavinayak Investment.”’
According to the police, till date, people have invested ₹7,58,95,845 with the Ashtavinayak Investment firm.