E-Paper
Mounting EMIs, dwindling hopes of recovery drive Selva Kumar Nadar’s victims to approach Pune police
Defrauded investors, who collectively lost ?300 crores to Selva Kumar Nadar's fraudulent loan investment scheme, have approached the police for help in suspending their EMIs until a resolution is reached. One victim committed suicide, highlighting the devastating impact of financial fraud. The investigation is ongoing, with statements from 65 of the 265 investors taken so far. This case serves as a reminder for the public to exercise caution and due diligence when investing.
Amid mounting EMIs and dwindling hopes of recovery of their investment, most of the 265-odd investors collectively duped of ₹300 crores by Selva Kumar Nadar – ‘fugitive’ perpetrator of the fraudulent ‘loan investment scheme’ and owner of Ashtavinayak Investment – have approached the police for assistance in getting the banks to temporarily suspend EMIs till such time a resolution is reached.
Even as the defrauded investors turned to the police for help, one of Nadar’s victims, an information technology (IT) professional, 46, on Thursday committed suicide in what serves as a sombre reminder of the devastating impact of financial fraud on individuals and their families.
Nadar abused the faith reposed in him by unsuspecting individuals, who, lured by the prospect of making even more money, handed over their hard-earned money to him. Around five months ago, he abruptly downed the shutters of his offices and disappeared without a trace, leaving these investors in dire straits. While they are now being relentlessly pursued by the banks, they also find themselves unable to repay the loans, resulting in plunging CIBIL scores and further jeopardising their financial stability. So much so that they finally turned to the police for some respite. They have sought police intervention for temporary suspension of the EMIs until a resolution is reached.
One of Nadar’s victims, Sachin Purshottam Pawar, who resides at Karmabhumi Nagar in Lohegaon and works with a multinational banking company, said, “We met the police and requested to speed up the investigation against Nadar as many of the victims are not in any state of mind to bear more pressure.’’ Pawar lamented the lack of progress in the case despite the passage of over five months. One the one hand, Nadar duped them while on the other, the banks are harassing them for repayment of loans, he rued.
Mayur Vairagkar, API, Economic Offences Wing, said, “Investigation into the Nadar scam is underway. Till date, the police have registered the statements of 65 out of the 265 investors. Also, we have got the details of all transactions from the respective banks and related investigation is underway.”
While the tragic suicide of the IT professional underscores the pressing need for enhanced consumer protection and strict regulatory frameworks to prevent unscrupulous individuals from preying on unassuming individuals, the case is as much a warning to the public to exercise caution and due diligence before entrusting their money to any individual/organisation.
