Pune Local

Loan Investment Scamster Selva Nadar Still At large: Duped Over 200 investors of Rs 300 Crore

A loan investment Scamster, Selva Nadar, is still at large after duping over 200 investors of Rs 300 crore in Pune. Nadar, who is absconding, had promised high returns to investors on their loans.

September 15, 2023: The alleged mastermind behind this massive loan investment scam, Selva Nadar, has mysteriously vanished, leaving investors and authorities scrambling for answers.

Here’s a look at the unfolding saga of Pune’s multi-crore financial fraud and the ongoing efforts to trace Nadar’s whereabouts.

A complex web of deceit

Nadar, a resident of Kondhwa, had allegedly promised to provide high returns to investors on their loans. He had lured them by offering returns of 10% to 12% each month. Under the guise of a legitimate financial institution, Nadar convinced numerous individuals to part with their hard-earned money and collected money from investors through his company, Ashtavinayak Investment. He had also opened several bank accounts in the name of the company.

Investors left in the lurch

The scam came to light in February 2023 when investors started complaining that they were not getting their promised returns. They also alleged that Nadar had stopped responding to their calls and messages.

As the news of the scam broke, investors were in for shock and despair. Many had entrusted their savings and investments to Nadar’s operation, hoping to secure their financial futures. Now, they face an uncertain future, grappling with the harsh reality that their funds may be irretrievable.

Investigations and Police action

The police have registered a case against Nadar and his associates under the Indian Penal Code (IPC) sections for cheating, forgery, and criminal breach of trust. The police have also frozen Nadar’s bank accounts and properties. However, he is still at large.

In the wake of this scandal, the Police and regulatory bodies have sprung into action. A lookout notice has been issued to locate and apprehend Selva Nadar, who has seemingly disappeared, leaving no trace.

The ripple effect

The repercussions of Pune’s Rs 300 crore loan investment scam extend far beyond the immediate victims. Such financial scams can erode public trust in the financial sector and raise questions about the efficacy of regulatory oversight. Investigations will likely lead to tighter regulations to prevent similar incidents from recurring.

Lessons learned

This scandal is a stark reminder of the importance of due diligence and skepticism in financial investments. Investors must exercise caution and verify the legitimacy of any financial institution promising high returns. Furthermore, it underscores the critical role of regulatory authorities in safeguarding the interests of the public and maintaining the integrity of financial markets.

Pune’s Rs 300 crore loan investment scam has sent shockwaves through the city and beyond, leaving a trail of financial distress and uncertainty.

The hunt for Selva Nadar must continue, and the rights of victims must be protected.

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