đź“Ś Introduction
₹300 crore Ponzi scam in Maharashtra in one of Maharashtra’s most shocking financial scams, a man named Selva Kumar Nadar cheated over 200 investors by promising easy profits through his company Ashtavinayak Investments. The total fraud amount crossed ₹300 crore (around $36 million). Most victims were educated professionals from Pune and Mumbai, including software engineers, bankers, and executives.
₹300 crore Ponzi scam in Maharashtra, Let’s understand how this ₹300 crore Ponzi scam in Maharashtra scheme was operated, what went wrong, and where the case stands today.
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🧠Who is Selva Kumar Nadar?
₹300 crore Ponzi scam in Maharashtra Selva Kumar Nadar was the founder of Ashtavinayak Investment, also known as SKN Wealth Creators. His office was located in Nucleus Mall, Pune. He presented himself as a smart financial advisor who could “grow money fast” through unique investment schemes.
â‚ą300 crore Ponzi scam in Maharashtra, He targeted high-income individuals, mainly working in IT companies and MNCs, promising them high returns and hassle-free investment options.
🎠How Did the Scam Work? – The “Profile Investor” Model
This scam was different from normal fake investment frauds. It was based on a new idea called “profile investing”:
Victims were told to take large personal loans in their own names, sometimes over â‚ą1 crore.
Nadar’s company said they would manage the loan EMIs and give the investor monthly profits from investments in gold, stock markets, hospitality, and real estate.
He claimed this method would not harm their credit score and even promised some bonus income.
₹300 crore Ponzi scam in Maharashtr, Everything looked professional. Some people even received returns in the beginning, which made them trust the system more and refer others. But the money was not actually invested — it was used to pay earlier investors and for Nadar’s personal luxury lifestyle. This is what makes it a classic Ponzi scheme.
🧨 When Did It Collapse?
Problems started around October 2022, when some investors noticed delayed payments.
By February 2023, the entire system collapsed:
Nadar suddenly closed his office in Pune.
He disappeared with his wife and minor son.
More than 200+ investors filed police complaints.
Some victims had EMIs of â‚ą1 lakh to â‚ą2 lakh per month with no returns coming in.
đź’” A Tragic Outcome
One heartbreaking case was Prabhat Ranjan, a 46-year-old IT professional who had borrowed ₹88 lakh. When he couldn’t pay the monthly EMI of ₹1.99 lakh and lost his job, he died by suicide in July 2023.
đź‘® Legal Actions & Investigations
The Pune Economic Offences Wing (EOW) filed an FIR in March 2023.
Nadar was declared a proclaimed offender by court order in February 2025.
Immigration records showed that Nadar and his family had escaped to Thailand.
Indian police have started the Interpol extradition process to bring him back.
Three of his company associates were arrested.
His flats and offices in Kondhwa and Hadapsar have been sealed.
đź“Š Quick Overview: The Scam at a Glance
| Key Point | Details |
|---|---|
| Scam Amount | â‚ą300 crore (~$36 million) |
| Victims | 200+ salaried professionals |
| Main Location | Pune, Maharashtra |
| Type of Fraud | Loan fraud + fake investment returns |
| Year of Collapse | February 2023 |
| Current Status | Mastermind absconding in Thailand |
⚖️ Compared to Other Indian Scams
| Scam Name | Estimated Loss | Key Notes |
|---|---|---|
| Selva Nadar Scam | â‚ą300 crore | Profile-based investment fraud in Pune |
| Vinod Khute Forex Scam | â‚ą100 crore | Targeted traders, raided by ED in 2024 |
| Rose Valley Scam | â‚ą15,400 crore | Massive chit fund scam across East India |
🧠Lessons & Warnings for Investors
The Selva Nadar scam teaches us some very important lessons:
Avoid “Too Good to Be True” Schemes – If someone promises high returns with zero risk, it’s likely a fraud.
Don’t Trust Without Proof – Always check the company registration, investment license, and background.
Avoid Taking Loans to Invest – Never take a loan to give money to someone else to “invest” for you.
Check Credit Activity – Monitor your credit report regularly if you’re sharing your documents.
Report Suspicious Activity Early – The faster fraud is reported, the easier it is to recover assets.
đź“Ś Conclusion
The ₹300 crore Ponzi scam in Maharashtra by Selva Kumar Nadar is not just about money—it’s a story of trust betrayed, lives affected, and systemic loopholes. Even today, victims are fighting for justice and hoping for recovery.
If you or someone you know is considering a high-return “profile investor” scheme, think twice. Do your research. Speak with real financial advisors. And most importantly, ₹300 crore Ponzi scam in Maharashtra don’t risk your financial future on blind promises.