₹900 Cr Scam Shocks Mumbai as Access Fin Services Boss Vanishes.

 

In a case reminiscent of the infamous Dadar-based Torres scam, Chembur’s financial firm Access Fin Services has allegedly defrauded nearly 5,000 investors of ₹800 to ₹900 crore. The firm lured investors by promising unusually high monthly interest rates ranging from 10% to 20%. With the company’s office now shuttered and its owner, Praveen Obhan, reportedly absconding, panic has gripped thousands of families.

According to reports received by Sprouts News, Obhan is believed to be attempting to flee the country. The firm’s sudden disappearance has prompted victims to file police complaints and demand swift action.

Among the many affected is James Nadar, a senior citizen and Matunga resident, who invested ₹12 lakh based on personal assurances from Praveen Obhan. “I met him at their Chembur office two years ago,” Nadar said. “He convinced me to invest my pension money, assuring a 10% to 20% monthly return. I received some interest in the beginning, but it soon stopped. When I visited the office repeatedly, I was threatened by bouncers.”

Nadar reported that the office was swarming daily with distressed investors demanding refunds, but no staff was offering answers. “It became evident this was another massive fraud in the making, just like the Torres scam,” he added.

In response to mounting pressure, Nadar called the police, and officers from Govandi Police Station arrived at the scene. When he confronted two female staff members, they allegedly responded rudely and advised him to report the issue to the police station directly.

Following this incident, Nadar officially filed a complaint with the Govandi Police. Authorities have confirmed that multiple investors have already submitted complaints. A police officer stated, “We are recording all statements and will forward them to senior officials. The matter may soon be handed over to the Economic Offences Wing (EOW).”

Further investigation has revealed that Praveen Obhan owns several properties in Chembur, Navi Mumbai, and Sion-Koliwada. Nadar has also provided Obhan’s contact numbers (9321553105, 9137812180, 9987221428) to aid the probe.

Appealing for immediate government intervention, Nadar said, “I request Hon’ble Maharashtra Chief Minister Devendra Fadnavis and Mumbai Police Commissioner Deven Bharti to take this matter seriously and act swiftly.”

Nadar has filed formal complaints not just with the Mumbai Police but also with the DCP of Chembur, Zone 4 DCP, and the Economic Offences Wing.

“If prompt action is taken and Obhan is arrested, we might recover our money. Otherwise, this will become another catastrophic scam that will destroy thousands of families,” he warned.

Sprouts News will continue to follow the developments of this high-stakes financial scandal that exposes systemic vulnerabilities in India’s investment regulation framework.