Pune, July 25, 2026 (Yes Punjab News)
The Economic Offences Wing (EOW) of Pune Police has arrested Avinash Arjun Rathod, the alleged mastermind of an Rs 88 crore investment fraud case, after extraditing him from the United Arab Emirates following completion of legal procedures.
Rathod, director of Pune-based APS Wealth Ventures LLP, was accused of allegedly collecting money from investors by promising unusually high returns. Police said the promised returns were not paid and the invested amounts were not refunded.
The case was registered at Chatushringi Police Station in Pune in 2023 and was later transferred to the EOW of Pune City Police. The FIR was registered under Sections 420, 406, 409 and 34 of the Indian Penal Code, along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act.
Investigators said the complaint was filed on April 20, 2023, after an investor alleged that Rs 86.37 lakh invested in the company had not been returned. During the probe, police claimed that several other investors had also been allegedly duped, taking the estimated scale of the fraud to around Rs 88 crore.
Police said Rathod and his wife Vishakha Avinash Rathod had allegedly gone absconding after registration of the case. A Look Out Circular was issued against them in April 2024, followed by arrest warrants and proceedings to declare them proclaimed offenders.
After searches failed to trace the accused in India, investigators initiated international proceedings. A Red Corner Notice was issued against the couple on June 4, 2026, following which Rathod was detained by authorities in the UAE.
Rathod was brought to India on July 23, 2026, and arrested by the Pune EOW at Mumbai International Airport. He was later produced before a court in Pune, which remanded him to 10 days of police custody.
The EOW is now investigating the alleged financial trail, including the utilisation of investor funds, possible diversion of money into assets, overseas transactions and the role of other individuals linked to the case. Police said efforts are underway to trace and bring back the remaining accused believed to be outside India.
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