Kharadi, 15th July 2023: Tragedy struck as Prabhat Ranjan, an IT professional from Kharadi, took his own life nearly five months after the closure of Ashtavinayak Investment’s office in Pune’s Nucleus Mall. Ranjan was among the victims of a massive fraud scheme that allegedly defrauded over 200 investors of approximately Rs 300 crore.
In June 2021, Ranjan had invested Rs 88 lakh with Ashtavinayak Investment, led by Selva Nadar. However, his life took a devastating turn when he lost his job in December 2022, leaving him struggling to repay monthly EMIs of Rs 1.82 lakh to six banks from which he had borrowed money.
To add to his financial woes, Ranjan was also deceived by a relative who claimed to invest Rs 15 lakh in a business but instead pocketed the money. The relative provided forged bills and cheques as false evidence of investment. Furthermore, this month, a friend purchased his Mercedes car for Rs 7.5 lakh but only paid him Rs 3 lakh.
In the early hours of Thursday, Ranjan tragically ended his life at Yin Yang Society in Kharadi, where he lived with his wife Neha Gupta and their ten-year-old twin daughters. A two-page suicide note was found, in which he held those who defrauded him responsible for his extreme decision.
The Chandannagar police have taken action by registering a case against Selva Nadar, former Ashtavinayak manager Prasad Shinde, Ranjan’s relative Sachin Kumar (a resident of Patna, Bihar), and his friend Ajinkya Lokhande (a resident of Wanworie). The case has been filed under sections 306 (abetment of suicide) and 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code. Ranjan’s elder brother Rajeev Ranjan, who resides in Ranchi, filed the complaint. Rajeev expressed, “He was feeling depressed due to the series of fraudulent incidents in his life. He called me on July 12, expressing his fear. I assured him that I would come to Pune to support him. Unfortunately, on the morning of July 13, I received a devastating call from his friend.”
Ranjan was one of the more than 200 individuals allegedly victimized by Ashtavinayak Investment’s “profile investor” scheme, which is currently under investigation by the Pune police’s Economic Offences Wing.
According to the police, Selva Nadar and his associates targeted individuals with high salaries and good credit records, enticing them with the “profile investor” scheme. The firm obtained personal loans in the investors’ names from multiple banks simultaneously. These funds were then invested in Nadar’s company, which promised attractive returns and assured timely repayment of EMIs. However, the loan amounts disbursed far exceeded the clients’ eligibility and repayment capacity, leading to financial ruin for many innocent victims.
This tragic incident highlights the devastating consequences of financial fraud and the urgent need for stricter regulations and stronger measures to prevent such schemes. It is essential for authorities to thoroughly investigate and hold accountable those responsible for perpetrating such crimes, providing justice to the victims and their families.
