PUNE:
During the police investigation into the Selva Nadar multicrore fraud, it was revealed that one of the prime accused Prasad Shinde allegedly used investors’ money for his business purpose. The Economic Offences Wing (EOW) of Pune police on Monday arrested Shinde, Ajay Khadse and Nitin Shinde, who were working as connectors with DSA (direct selling agent). On Friday, all three accused were produced in court and were later remanded to police custody till July 25.
Police told that during the investigation it was found that accused Shinde was running another financial firm with his partner Asif Salim Sheikh and transferred money to Sheikh’s bank account. Prima facie, Shide used allegedly investors’ money for his personal business purpose hence to investigate the matter further police demanded police custody.
An officer from EOW, who wished to remain anonymous, said, “After technical analysis of accused Prasad Shinde’s bank account, it was revealed that he had transferred a certain amount to the bank account of his partner and to investigate in detail, we demanded to extend his police custody.’’
Police further claimed that Shinde induced at least 17 investors to get loans and invest in the Ashtvinayak Investment Firm and assured good returns.
Mayoor Vairagkar, Assistant Police Inspector (API) at EOW said, “At the time when an FIR was lodged, the scam amount was ₹7 crore, but now after detailed investigation, it has reached ₹56 crore with 65 investors duped. Prime accused Selva Nadar is still at large and soon we will arrest him.”
{{/usCountry}}Mayoor Vairagkar, Assistant Police Inspector (API) at EOW said, “At the time when an FIR was lodged, the scam amount was ₹7 crore, but now after detailed investigation, it has reached ₹56 crore with 65 investors duped. Prime accused Selva Nadar is still at large and soon we will arrest him.”
{{/usCountry}}Police also claimed that names of 2-3 more DSAs came in investigation and investigation related to it is underway.
Police said that co-accused Khadse was selling data of IT professionals to Ashtvinayak Investment Firm. Now police are investigating to whom he got all this data and at what cost.
According to officials, the accused were involved in duping more than 265 IT professionals to the tune of around ₹300 crore by getting approval and disbursement of loans in an illegal way.
The complaint was filed by Sachin Pawar, a resident of Karmabhumi Nagar in Lohegaon, who works at a multinational bank. A case was registered in March 2023, under IPC sections 420 (cheating), 406 (criminal breach of trust), 34 (act done in furtherance of a common intention), and section 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.