Mumbai, November 5, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has arrested a key accused in an alleged investment fraud involving APS Wealth Ventures LLP and associated entities, which resulted in losses of nearly Rs 89 crore to investors, an official said on Thursday.
The ED’s Mumbai Zonal Office arrested Avinash Arjun Rathod on November 2 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the alleged diversion and laundering of proceeds generated through fraudulent investment schemes.
Following his arrest, a Special PMLA Court in Mumbai remanded Rathod to ED custody until November 4, the official said.
The investigation began on the basis of an FIR registered by Pune’s Chaturshringi Police Station against Rathod and others. The accused allegedly collected funds from investors by promising assured monthly returns of five per cent profit and repayment of five per cent of the principal for 20 months. The case was subsequently transferred to Pune’s Economic Offences Wing (EOW).
According to the ED, 587 investors had collectively invested around Rs 157 crore in the scheme, of which nearly Rs 89 crore was allegedly not returned.
The agency’s investigation under the PMLA found that Rathod was allegedly the principal person controlling APS Wealth Ventures, with a 90 per cent ownership stake in the LLP. He was also responsible for its day-to-day management and financial decisions, including operating its bank accounts, the ED said.
The agency alleged that Rathod managed financial transactions and the movement of funds through various bank accounts of APS Wealth Ventures and associated entities, including APS Smart Gain.
Analysis of bank accounts and financial records revealed substantial inter-account transfers and movement of funds through different banking channels, the ED said.
Investigators also identified transactions involving Rathod’s personal bank accounts, including transfers to various individuals and investments in securities. These transactions are being examined to establish the ultimate utilisation of funds and identify their beneficiaries.
The ED further said there were allegations that Rathod and his wife left India for Dubai in April 2023. He allegedly offered similar assured-return investment schemes there through Wealthpro Investment Consultant LLC, which he owned. These activities are also being examined.
The agency questioned Rathod to trace the complete money trail, identify beneficiaries of the alleged proceeds of crime, locate assets acquired through the funds and establish the roles of other accused persons and entities.
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