Pune: APS Wealth Ventures LLP Initiates Voluntary Insolvency After Suffering Massive Loss, Approaches NCLT

Mubarak Ansari
Pune, 21st April 2023: APS Wealth Ventures LLP, a stock broking firm accused of duping thousands of people, has approached the National Company Law Tribunal (NCLT) to initiate Voluntary Insolvency after incurring a massive loss in the recent stock market crash.

The firm’s partner, Avinash Aijun Rathod, has forwarded all relevant information to his Counsel Advocate Aashutosh Srivastava for litigation proceedings. Advocate Srivastava has already initiated the Voluntary Insolvency Procedure before the NCLT to protect Rathod’s legal rights. Some investors have alleged that the firm has duped them of Rs 700 Crore rupees by promising to double their returns in just 20 months.

Yesterday, the Economic Offences Wing of Pune City Police registered an FIR at Chatushrungi police station against Rathod and his wife for cheating the investors.

Those close to Rathod say that he has helped numerous people make stock market investments for many years. He had a track record of fulfilling his contractual obligations to his investors, but the Covid-19 outbreak resulted in low and sometimes negative returns since 2020.

Advocate Srivastava stated that they have moved to NCLT for initiating insolvency proceedings to protect Rathod’s legal interest and the interest of the investors. Rathod’s reputation and credibility have been severely impacted by the allegations of fraud. However, initiating the voluntary insolvency procedure is a responsible and ethical approach to deal with the current financial crisis.

Join Punekar News Whatsapp Group, Telegram, Instagram And Twitter  For Regular Update about Pune City And Pimpri-Chinchwad