APS Wealth Ventures Rs 700 Crore Scam In Pune, Citizens Cheated by Promise of Double Returns In Stock Market
Mubarak Ansari
Pune, 19th April 2023: The news of a massive fraud of 700 crore rupees by a private company in Pune has sent shockwaves among investors who were lured by the promise of doubling their returns in just 20 months.
The company owner, Avinash Arjun Rathod, had been operating the business in the guise of wealth creation for investors since 2011. He collected money from thousands of investors who trusted him with their hard-earned money in the name of giving lucrative returns.
According to the police, Rathod established APS, a share market company, and started luring investors with the promise of double returns. Initially, he refunded a small amount to gain trust, and later, the popularity of the company led to gaining the confidence of the general public.
Thousands of citizens including government officials from Pune, Mumbai, Vidarbha, and other cities invested their hard-earned savings between 2011 and 2023. The fraudulent scheme has lured more and more people, ultimately trapping them in the financial fraud of Avinash Rathod, who collected approximately 700 crores plus money from the investors.
However, when investors asked for their returns and refunds in March 2023, the company requested to wait till 10th April 2023, citing health reasons for Avinash Rathod. During this period, Avinash Rathod’s wife Vishakha Rathod took charge of the office and led the team. During her tenure, she engaged the investors and bought more time to revert to investors about returns.
However, on 10th April 2023, investors were shocked to observe that neither Avinash Rathod nor Vishakha Rathod were reachable and Avinash had fled with the investors’ money. The investors were left stranded and cheated of their life savings. They approached the Economic Offence Wing of Pune police. Pune police has initiated necessary action to file the FIR at Chaturshringi police station in this regard.
Investors who invested anywhere from Rs 1 lakh to more than 1 crore rupees have been affected by the scam. Many of them invested their entire life savings, hoping to double their money in just 20 months. However, their trust has been shattered, and they are left with nothing.
The police are investigating the case, and efforts are being made to track down the accused and recover the defrauded amount. The incident has once again highlighted the need for investors to be cautious while investing their money and to verify the credibility of the companies before investing.
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