Mumbai: The Enforcement Directorate (ED),has arrested Avinash Arjun Rathod, promoter of APS Wealth Ventures LLP, in connection with an alleged Rs 157-crore investment fraud in which 587 investors were allegedly duped after being promised assured monthly returns of up to 10 percent.
Special PMLA Court Grants ED Custody Until November 4
Rathod was arrested on November 2 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. A special PMLA court in Mumbai granted him ED custody until November 4 for further investigation into the alleged diversion and laundering of proceeds of crime.
The arrest follows a series of actions by the Pune Police and the Central Bureau of Investigation (CBI), which had earlier secured Rathod's deportation from the United Arab Emirates (UAE), where he had allegedly taken refuge after leaving India.
Rathod Fled To Dubai In April 2023; Interpol Red Notice Issued In June 2026
Rathod had left India for Dubai in April 2023, along with his wife, Vishakha Rathod, following the registration of a police case in Pune over allegations of an investment fraud. A Look Out Circular (LOC) was subsequently issued against him in April 2024. After he was traced to the UAE, an Interpol Red Notice was issued in June 2026 to facilitate his return to India.
The CBI, in coordination with the Ministry of External Affairs and the Ministry of Home Affairs, secured his deportation from the UAE on July 23, 2026. He was brought to Mumbai and handed over to Maharashtra Police. The Pune Police's Economic Offences Wing (EOW) subsequently arrested him and obtained custody.
Wife Vishakha Rathod Also Deported From Dubai In August
His wife, Vishakha Rathod, was also deported from the UAE on August 3, 2026, and detained by Pune Police in connection with the alleged fraud.
The original FIR was registered at Chaturshringi police station in Pune in April 2023 against Rathod and others following complaints that investors had been induced to deposit money in entities operated by him on the promise of assured returns. The initial complaint involved approximately Rs 16 crore, with the investigation subsequently uncovering a larger network of investors and transactions.
Investors Allegedly Promised 5% Monthly Profit And Principal Repayment
The ED initiated its investigation on the basis of an FIR registered by Chaturngi Police Station in Pune against Rathod and other linked entities over allegations that investors were induced to deposit money in entities operated by him, including APS Wealth Ventures LLP, on the promise of assured monthly returns.According to the agency, investors were allegedly lured into investing in APS Wealth Ventures LLP and other associated entities through promises of approximately 5 percent monthly profit and repayment of 5 percent of their principal amount every month for 20 months.
The scheme allegedly attracted investments of around Rs 157 crore from 587 investors. However, approximately Rs 89 crore allegedly remained unpaid to investors, the ED alleged.
Rathod Allegedly Controlled 90% Of APS Wealth Ventures LLP
The ED's investigation has revealed that Rathod was the principal person exercising control over APS Wealth Ventures LLP, holding approximately 90 per cent ownership in the entity. He allegedly managed its day-to-day affairs and took key financial decisions, including operating its bank accounts.
Investigators have found that funds collected from investors were routed through multiple bank accounts belonging to APS Wealth Ventures LLP and associated entities, including APS Smart Gain LLP. Analysis of banking transactions and financial records has revealed substantial inter-account transfers and movement of funds through different banking channels.
The agency also identified the transactions involving Rathod's personal bank accounts, including outward transfers to various individuals and investments in securities, to establish the ultimate utilisation of the funds and identify their beneficiaries.
The ED is also probing Rathod's alleged overseas investment operations after he shifted to Dubai.
According to the agency, Rathod allegedly offered similar assured-return investment schemes through Wealthpro Investment Consultant LLC, a Dubai-based entity owned by him. The agency is examining whether funds collected through the overseas entity were linked to the alleged investment fraud and whether any proceeds of crime were transferred or diverted abroad.
The ED said further custodial examination of Rathod was aimed at reconstructing the complete money trail, identifying beneficiaries of the alleged proceeds of crime, tracing assets acquired using the funds and establishing the role of other individuals and entities suspected to be involved in the laundering network.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
