Hinjawadi IT Hub Hit by Massive Investment Fraud: 23 Arrested in Multi-Crore Scam

Hinjawadi IT Hub Hit by Massive Investment Fraud: 23 Arrested in Multi-Crore Scam

Pune: A major investment fraud has come to light in Pune’s Baner–Hinjawadi IT Park, where hundreds of investors were allegedly duped of crores of rupees by the TW Day group of companies. The masterminds, Sameer and Neha Narvekar, along with 21 others, have been booked by Warje-Malwadi Police for cheating and running illegal deposit schemes.

How the Scam Operated

According to the complaint filed by Prarthana Prathamesh Mashilkar (28), the Narvekars initially lured investors through a Learning Solutions programme offering share trading training. Once trust was built, investors were introduced to multiple companies under the TW Day brand, including TW Day Events, TW Day IT Solutions, TW Day Infrastructure, and others.

The accused promised monthly returns of 3%–5% depending on the investment:

• Investments up to ₹10 lakh: 3% return

• ₹10–25 lakh: 4% return

• Over ₹25 lakh: 5% return

In the first few months, investors received payouts, which boosted confidence and prompted many to invest larger sums, often via bank loans. Mashilkar herself invested ₹32 lakh and received returns until March 2025. Payments then stopped, with the company citing “income tax scrutiny” and “pending foreign investments.” Eventually, all communication ceased, leaving investors stranded.

Scope of the Fraud

Investigations revealed that the Narvekars floated over ten firms in sectors such as insurance, hospitality, media, consulting, logistics, and social reforms. Individual losses ranged from ₹10 lakh to ₹50 lakh, with one victim reportedly losing ₹2.83 crore.

As loan repayments and bank notices mounted, victims approached the police. A case was registered under the Banning of Unregulated Deposit Schemes Act, 2019, along with relevant sections of the Bharatiya Nyaya Sanhita, 2023.

Investigation and Impact

The Economic Offences Wing (EOW) has taken over the investigation, reviewing company accounts and tracing fund movements. Police sources said the Narvekars specifically targeted young professionals and freelancers in Pune’s tech corridor, offering “high returns” and “partnership in company expansion.”

Authorities have described the case as one of the largest white-collar frauds in Pune in recent years, sending shockwaves through the city’s IT and financial circles.