Massive Investment Fraud Rocks Hinjawadi IT Hub: 23 Booked for Multi-Crore Scam
Massive Investment Fraud Rocks Hinjawadi IT Hub: 23 Booked for Multi-Crore Scam
Couple accused of running fake TW Day firms promising ‘guaranteed monthly returns’; investors left bankrupt
Pune: A massive investment scam has surfaced in Pune’s Baner–Hinjawadi IT Park area, where hundreds of investors have allegedly been duped of crores of rupees under the banner of TW Day group of companies. The alleged masterminds, Sameer and Neha Narvekar, along with 21 others, have been booked by the Warje-Malwadi Police on charges of cheating and operating illegal deposit schemes.
According to the complaint filed by Prarthana Prathamesh Mashilkar (28), the accused initially lured people through a Learning Solutions programme that offered share trading training. Once trust was established, investors were introduced to a network of companies under the TW Day brand, which included TW Day Events, TW Day IT Solutions, TW Day Infrastructure, and several others.
The accused promised monthly returns ranging from 3% to 5% depending on the investment amount. For instance, investments up to ₹10 lakh promised a 3% return, ₹10–25 lakh promised 4%, and over ₹25 lakh promised 5%. In the initial months, investors did receive timely payouts, which boosted confidence and encouraged many to invest larger sums — often by taking bank loans.
Mashilkar herself invested ₹32 lakh, receiving returns until March 2025. Thereafter, the payments stopped, with the company citing “income tax scrutiny” and “pending foreign investments” as reasons for the delay. Soon, all communication ceased, leaving investors stranded.
Investigations have revealed that the Narvekar couple floated over ten firms under different names — including those in insurance, hospitality, media, consulting, logistics, and social reforms — all controlled by them. Some victims reportedly invested ₹10–50 lakh, while one investor is said to have lost ₹2.83 crore.
As loan repayments and bank notices began mounting, several investors approached the police. Following a detailed inquiry, the Warje-Malwadi Police registered a case under the Banning of Unregulated Deposit Schemes Act, 2019, along with sections 316(2), 316(5), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita, 2023.
Officials from the Economic Offences Wing (EOW) have now taken over the investigation, examining company accounts and tracing fund movements.
According to police sources, the Narvekars targeted young professionals and freelancers in Pune’s tech corridor, offering promises of “high returns” and “partnership in company expansion.” The probe suggests a well-planned racket disguised as a legitimate corporate investment network.
The case has sent shockwaves across Pune’s IT and financial circles, with authorities calling it one of the largest white-collar frauds in the city’s recent history.
