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Some victims of the two-and-a-half-year-old ₹300 crore scam meet DCP EOW about their concerns
Half-an-hour later at about 11 am, five or six of these protesters were allowed to meet a senior police officer
By 10.30 am on Friday, around 30 to 40 people – both men and women, some accompanied by their children – gathered near Bund Garden police station holding placards that read: ‘Arrest the fraudster now!’ The group – among over 250 victims of the two-and-a-half-year-old ₹300 crore scam allegedly masterminded by Selva Kumar Nadar – had congregated to stage a peaceful protest demanding urgent police action and the long-overdue arrest of Nadar who remains at large.
Half-an-hour later at about 11 am, five or six of these protesters were allowed to meet a senior police officer.
The fraud, which unfolded in 2023, left a devastating trail: over 5,000 bank recovery notices issued to the victims, widespread job loss, and mounting mental and financial stress. Many victims, who had invested their savings or taken loans based on false promises of high returns, lost not just money but entire livelihoods.
Already, one of the victims has committed suicide, three to four other victims are bed-ridden whereas many others and their relatives are reeling under the trauma of the scam.
Sachin Pawar, who was part of the delegation that met Vivek Masal, deputy commissioner of police (EOW), said, “In the last two years, the police failed to arrest Nadar who is the prime accused and are now claiming that he is out of the country. The police are not serious about our case; two-and-a-half years later, they have not arrested Nadar’s finance manager Shabana Mulani or his associates (accomplices) Jigar and Shyam Kelkar. These people know everything about Nadar…”
Another protester who asked not to be named said, “Nadar ruined our lives, and the police have done nothing for two-and-a-half years. We are drowning in debt, hounded by banks, and mentally exhausted.”
Aditya Ranjan, a resident of Dhanori who is originally from Bihar, lost his job as senior analyst with a multinational company due to mental stress. The accused Nadar borrowed ₹92 lakh in loans on Ranjan’s name. Now, Ranjan has received notices from various banks and 12 arbitration cases have been filed against him. “Every day, I receive over 100 threatening calls. Now, bank recovery agents are trying to call our relatives and others in professional circles and targeting them as well,” Ranjan said.
Sameer Attar from Hadapsar, another victim of the scam, said, “Various banks have filed recovery cases against me in various cities like Delhi, Bangalore, Chennai, Ahmedabad and Calcutta. How is it possible for me to attend each and every case at a time when I don’t even have a job?”
Amit Tyagi from Pimple Nilakh, reeling under the burden of a ₹1.18 crore loan taken in his name, said, “Already in March 2025, we have individually handed over all documents to the police but nothing has happened. In the last two-and-a-half years, only police officers have been changed but our situation remains the same.”
The police complaint was filed by Sachin Purshottam Pawar, a resident of Karmabhumi Nagar in Lohegaon working with a multinational bank. In 2020, Pawar received a call from Nadar, owner of Ashta Vinayak Investments, regarding Ashta Vinayak’s tie-ups with banking companies to avail personal loans in the name of clients and investing the money in various schemes promising good returns etc.
The Pune city police are still groping in the dark to find clues about and nab Nadar, accused of cheating over 200 individuals of ₹300 crore and on the run since February 22, 2023.
According to the complainants, Nadar promised low-interest loans or transfer of existing loans before luring them into a ‘loan investment scheme’ where personal loans from banks and financial institutions were taken in their name and invested in Nadar’s firms allegedly dealing in gold, hospitality, hostels and financial markets with the promise of high returns.
Nadar ran Ashta Vinayak Investments from its office at Nucleus Mall in Camp before abruptly closing it and disappearing without a trace, leaving investors to face banks who are seeking loan repayments.
On Friday, the police denied the victims permission to protest. Hence, some of the victims approached the DCP and informed the latter of their concerns.
DCP Vivek Masal EOW Pune said, “We have already issued a blue corner notice against the accused Nadar in this case. Soon a red corner notice will also be issued. We will take help from Interpol for further investigation. As far as Nadar’s office staff is concerned, we have already taken statements from some of them. Soon, we will call them for further enquiry. Our investigation is underway and we will nab him soon.”
A senior police officer from the Pune city police department on condition of anonymity confirmed that Nadar and his wife have been traced to Thailand. The couple along with their minor son left the country in 2023 and have been absconding ever since.
