No matter how many financial frauds are happening in the country, there is no decrease in people investing their money in fake companies for the sake of interest. Fraudsters are finding new ways to defraud the public. A similar scam has taken place in Pune.
Selvakumar Nadar was running a financial company named ‘Astavinayak Investment’ in Pune Camp area. The company announced a different plan to the public. The customers took a loan in their name and invested it in their company. They have cheated by promising that their company will pay the monthly amount of the loan.
Sachin Purushottam Pawar, a resident of Pune’s Lohekao Karmabhumi Nagar, had invested Rs. 36.65 lakhs in this company, which has been operating since 2020. Regarding this, Sachin said, “The employees of Astavinayak company often called me and said that do you have a loan in any other bank and that they will transfer that loan to another bank at a lower interest rate. I had two loans. They immediately said that they will transfer the loan to another bank. They also said that their company is investing in various industries and if they invest in it, they will pay substantial interest.
They told me that they would arrange the funds for the investment in the bank and pay the monthly installments into my bank account every month. I also believed their words and borrowed Rs.36.65 lakhs and invested. They paid the monthly installments exactly till last December. After that the monthly installment is not paid.
When I asked Selvakumar about this, he said that it was a problem in the banking system. I asked for my money back as the money did not come even after a few days. Immediately they gave the check. But, it came back without money,” he said.
Suddenly the Astavinayak office was also closed last month. Its owner Selvakumar has absconded. As a result, 17 people, including Sachin, have filed a complaint with the Pune Economic Crimes Police. In the first phase of investigation by the police, it has been revealed that 200 people have been cheated to the tune of Rs.300 crores.
Regarding this, Inspector Mayur said, “So far 200 people have complained to us. Selvakumar targeted high-salaried IT workers in the scam. Selvakumar has bought the information of people working in the IT industry.
Aasiwartha has shown that he will employ telecallers to convert the existing loan at a low interest rate. They transfer the loans of those involved in it to another bank and keep the money for investment by telling about their company. We have taken statements from six people who worked in the Astavinayak company. Selvakumar has absconded. We are looking for him,” he said.