E-Paper
EOW arrests three in Selva Nadar multicrore fraud case
The accused have been identified as Prasad Shinde, who was working as a finance manager at Ashtvinayak Investment Firm; and Ajay Khadse and Nitin Shinde who were working as connector with DSA (direct selling agent)
The Economic Offences Wing (EOW) of Pune city police arrested three persons on Monday in the Selva Nadar multicrore fraud four months after the case was registered.
The accused have been identified as Prasad Shinde, who was working as a finance manager at Ashtvinayak Investment Firm; and Ajay Khadse and Nitin Shinde who were working as connector with DSA (direct selling agent).
According to officials, the accused were involved in duping more than 265 IT professionals by getting approval and disbursement of loans in an illegal way. Selva Kumar Nadar, the owner of Ashtvinayak Investment Firm, is still at large.
The police complaint was filed by Sachin Purshottam Pawar, a resident of Karmabhumi Nagar in Lohegaon and working at a multinational bank.
In 2020, Pawar received a call from the firm of its tie-up with many banking companies to avail personal loans by the name of clients and invest the money in various schemes and promising good returns and even paying EMI.
According to the police, the victim was lured with 8-12 per cent of interest rate on the investment and respective EMIs to be paid by the investment firm. Once Pawar gave consent, the investment firm took multiple loans in his name.
Pawar alleged that, till December 2022, the investment firm was paying his EMIs but later the payment stopped. When the complainant approached the firm, they told him payment was not done due to system error.
When Pawar repeatedly asked for payment, Nadar gave him cheques in January 2023 which were dishonoured.
A case was registered in March 2023, under Sections 420 (cheating), 406 (criminal breach of trust), 34 (act done in furtherance of a common intention) of the Indian Penal Code, and Section 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.
