APS Wealth Ventures Rs 700 Crore Fraud: Pune Court Sends Accused Avinash Rathod to 10-Day Police Custody After Extradition from Dubai

Reported by Mubarak Ansari
Pune, 24th July 2026: A Pune sessions court on Friday remanded Avinash Arjun Rathod, partner of APS Wealth Ventures LLP, to 10 days of police custody in connection with an alleged multi-crore investment fraud that investigators say duped thousands of investors across Maharashtra.

Rathod, who was brought before the court after being deported from the United Arab Emirates (UAE), is accused of collecting public investments through alleged Ponzi-style and share market investment schemes by promising high and assured monthly returns. He is alleged to have fled India in April 2023 after the investment scheme collapsed.

The Economic Offences Wing (EOW) of the Pune Police Crime Branch is investigating the case. According to police, Rathod is named in at least four FIRs registered in Pune and other locations. The Chaturshringi Police Station case alone involves alleged fraud exceeding ₹88 crore, with investigators having recorded statements from more than 500 witnesses. The probe is still underway, and officials have indicated that the alleged amount involved could increase as more complaints are examined.

Extradited from Dubai Through International Coordination
The Central Bureau of Investigation (CBI), acting as India’s National Central Bureau for INTERPOL, coordinated with the Ministry of External Affairs (MEA), the Ministry of Home Affairs (MHA) and authorities in the UAE to secure Rathod’s deportation to India.

A Red Corner Notice had earlier been issued against Rathod through INTERPOL after he allegedly absconded from the country.

He arrived at Mumbai airport on July 23, where he was taken into custody by a Maharashtra Police team before being brought to Pune for further legal proceedings.

Pune Police Commissioner Amitesh Kumar personally monitored the extradition process and coordinated with multiple agencies to ensure Rathod’s return to India without delay.

During Friday’s court proceedings, prominent Pune-based advocate Aashuutosh Srivastava appeared as defence counsel for Rathod.
Alleged Fraud Through Investment Schemes
According to investigators, Rathod and his associates allegedly induced investors to invest in multiple financial schemes by promising fixed monthly returns and exceptionally high profits through share market investments.

Police allege that the money collected from investors was dishonestly misappropriated and routed through several bank accounts and demat accounts.

The CBI said the alleged offences were committed as part of a criminal conspiracy involving multiple persons.
Thousands of Investors Allegedly Duped
The case was initially registered by the Economic Offences Wing following a complaint lodged by Dr Jagdish Jadhav, who alleged that he and his family members were cheated of approximately ₹1.2 crore.
Police later received complaints from hundreds of investors, prompting a wider investigation.

The accused include Avinash Arjun Rathod and his wife Vishakha Avinash Rathod, who served as directors of APS Wealth Ventures.

According to investigators, the company operated from its office in Baner between 2018 and April 2023, although police believe the investment business had been functioning since 2011.
Investors Promised Attractive Returns
Police allege that APS Wealth Ventures attracted investors by promising to double their investments within about 20 months and offering attractive monthly returns.

Investigators say the company initially paid returns to early investors, helping build credibility and encouraging more people to invest larger amounts.

Thousands of investors—including government employees and citizens from Pune, Mumbai, Vidarbha and several other parts of Maharashtra—are believed to have invested amounts ranging from ₹1 lakh to more than ₹1 crore.

According to police estimates, the total amount collected from investors could exceed ₹700 crore, although the exact figure is still under investigation.
Company Became Unreachable in April 2023
Police said investors began demanding repayments in March 2023. They were allegedly informed that payments would resume after April 10, 2023, as Rathod was reportedly facing health issues.

During this period, investigators say Vishakha Rathod handled the company’s operations and continued communicating with investors.
However, when the promised date arrived, both Avinash and Vishakha Rathod allegedly became unreachable, leaving investors unable to recover their money.

The Economic Offences Wing subsequently registered criminal cases and launched an investigation into the alleged fraud.
Investigation Continues
Police are continuing to examine financial transactions, trace the alleged diversion of funds and identify additional assets linked to the accused.

Officials are also verifying fresh complaints received from investors across Maharashtra and exploring the possibility of recovering money allegedly siphoned off through the investment schemes.

The case remains under investigation.