26 Investment Fraud Accused Abroad; Pune Police Move For Extradition

Pune: In a major crackdown on investment fraud, Pune Police's Economic Offences Wing (EOW) has proposed the issuance of Interpol Red Corner Notices against eight accused who allegedly fled to Dubai after cheating investors by promising unusually high returns through share market investment schemes.

According to Deputy Commissioner of Police (Economic Offences Wing) Vivek Masal, the EOW has prepared a list of 26 accused who allegedly duped investors and escaped to Dubai and other foreign countries. Efforts are underway to bring them back to India through the legal process of extradition.

The move comes after the successful extradition of Avinash Arjun Rathod, director of APS Wealth Ventures HLP, who is accused of cheating investors of ₹88 crore. Rathod had fled to Dubai after the alleged fraud but was recently extradited to India and arrested by Pune Police. Officials said the successful completion of this extradition has strengthened the agency's efforts to pursue other absconding accused abroad.

Eight accused proposed for Red Corner Notice

Police have prepared proposals for Red Corner Notices against eight fugitives involved in investment fraud cases. The notices will be processed through Interpol to facilitate their detention and extradition.

Among them are Amar Biradar and his wife Dnyaneshwari Amar Biradar, who are wanted in cases registered at Kothrud, Chatushrungi, and Deccan police stations. The couple allegedly lured investors by promising monthly returns of 4 to 5 per cent and are accused of cheating investors of nearly ₹9.49 crore before fleeing overseas.

Another accused, Vinod Kute, along with his associates, allegedly collected money from investors through multiple investment schemes and routed the funds abroad using shell companies. Police allege they cheated investors of ₹14.80 crore before escaping to Dubai.

Similarly, Nikhil Chaddha is accused of cheating investors of ₹11.40 crore in the name of share market investments before fleeing to Dubai. Police said he is believed to be in contact with his wife from abroad. A Look Out Circular (LOC) has already been issued against him, restricting his international travel.

26 fugitives identified

DCP Vivek Masal said that 26 accused facing cheating cases in Pune are currently absconding in Dubai and other countries. Most of them allegedly collected money from investors by promising exceptionally high returns from share market investments.

"The successful extradition of Avinash Rathod has given investigators a better understanding of the legal and procedural requirements involved in bringing fugitives back to India. Based on that experience, proposals for Red Corner Notices have now been prepared against eight accused, and efforts will continue to secure the return of all 26 fugitives," Masal said.

Police believe the coordinated use of Interpol mechanisms and extradition procedures will strengthen action against economic offenders who flee the country after allegedly defrauding investors.