Pune: ₹3.48 Crore Fraud Busted, 43 Investors File Complaints Against Atmanirbhar Concepts India

In the high-profile Atmanirbhar Concepts India cheating case, the Pune Police (Economic Offences Wing) has received 43 complaints so far, alleging fraud of a total of ₹3.48 crore.

The matter came to light in May 2024. However, the EOW received two additional complaints last week. Pune Police have urged more victims to come forward and lodge complaints against the defaulters and have sent notices to districts including Mumbai, Thane, and Delhi, where the company’s offices were located.

A case has been registered against the directors of Atmanirbhar Concepts India — Kush Chaturvedi (45), Rachana Harish Shringhe (70), Manjusha Shashikant Kshirsagar (50), and Shashikant Balkrishna Kshirsagar (55) — for allegedly cheating 43 investors of ₹3,48,92,525 by promising 8-9% returns on their investments.

According to the police, the fraud came to light when a resident of Yerawada lodged a complaint with Bund Garden Police Station. The complainant stated that he and his wife had invested ₹4.80 lakh in Atmanirbhar Concepts India’s scheme in November 2022. The company initially paid small returns of ₹54,425 until May 2023, but then stopped all payments. Investors were told that the company was under audit and assured that payments would resume after its completion. However, they were later issued post-dated cheques which bounced.

After the complaint was filed on May 15, 2024, all the accused fled. The Economic Offences Wing is investigating the case and has urged any remaining victims to come forward.

Assistant Police Inspector (EOW) Sagar Janrao, speaking to FPJ, said, “The number of victims could increase. Many of them have still not filed complaints.”

Speaking about the modus operandi, he said the main accused, Kush Chaturvedi, motivated many people to invest in the company by promising a monthly return of 8–9 per cent. Under the banner of Atmanirbhar Concepts India, the accused launched several startups like a pharma company, a supermarket, and a tour and travel business.

Lured by the promise of good profits, victims invested in the company. The company returned a few instalments initially to gain their trust, and later stopped. The company’s main office was located in Haryana, while a temporary office was set up near the Pune Railway Station for local investors.

The offices in all locations have been found closed, and the employees are absconding. Police are investigating the matter and said the accused will be arrested soon.

“We appeal to those who have been cheated to contact the Economic Offences Wing as soon as possible,” the police added.