Investment Fraud – Pune Police Bring Back Alleged ₹88 Crore Scam Accused From UAE
Investment Fraud – Pune Police have intensified their investigation after successfully bringing back the alleged mastermind of a major investment fraud from the United Arab Emirates, marking a significant step in the ongoing probe into an estimated ₹88 crore financial scam.
The Economic Offences Wing (EOW) of Pune Police has extradited and arrested Avinash Arjun Rathod, who is accused of orchestrating an investment scheme that allegedly deceived numerous investors by promising exceptionally high returns. Officials confirmed that Rathod was brought back to India after international legal procedures were completed with the cooperation of authorities in the UAE. He was taken into custody upon his arrival at Mumbai International Airport and later transferred to Pune for further investigation.
Court Grants Police Custody
Following his arrest, Rathod was produced before a Pune court, which ordered him to remain in police custody for 10 days. Investigators are expected to question him extensively to determine the flow of funds, identify additional individuals linked to the case, and gather evidence related to the alleged financial transactions.
According to police, the case was initially registered in 2023 at Chatushringi Police Station under Crime No. 281/2023. The complaint included charges of cheating, criminal breach of trust, and other applicable provisions of the Indian Penal Code along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act. Soon after the complaint was filed on April 20, 2023, the investigation was transferred to the Economic Offences Wing.
Investors Allegedly Promised High Returns
Investigators allege that Rathod, who served as the director of Baner-based APS Wealth Ventures LLP, and his wife Vishakha Avinash Rathod persuaded investors to place money with the company by assuring them of attractive returns within a short period. Although formal investment agreements were reportedly signed with clients, the promised returns were allegedly never paid, and the invested amounts were not refunded.
Police stated that the original complainant alone had invested ₹86,37,500, which was allegedly not returned. As the inquiry expanded, officials discovered that many more investors had reportedly deposited funds under similar assurances. Based on the evidence collected so far, the total suspected fraud has been estimated at nearly ₹88 crore.
International Search Led to Extradition
After the case was registered, the accused couple allegedly went into hiding. Concerned that they could leave India, investigators issued a Look Out Circular (LOC) against both individuals on April 24, 2024. The Special MPID Court in Shivajinagar later issued standing arrest warrants under Section 70 of the Code of Criminal Procedure, while proceedings to declare them proclaimed offenders under Section 82 were also initiated.
Authorities subsequently filed a chargesheet, and the passports of both accused were suspended as part of the legal process. Despite extensive searches across different parts of the country, investigators were unable to locate them, prompting the involvement of international agencies.
A Red Corner Notice was issued against both accused on June 4, 2026. Acting on this notice, law enforcement officials in the UAE traced and detained Avinash Rathod. He was extradited to India on July 23, 2026, after the completion of the required legal formalities between the two countries.
Probe Focuses on Financial Trail
The Economic Offences Wing is now concentrating on tracking the alleged movement of investor funds. Officials are examining whether the money was invested in real estate, converted into other assets, or transferred outside India. Investigators are also trying to establish whether additional individuals were involved in operating the alleged investment network.
Police believe Rathod’s interrogation could provide crucial information regarding the financial trail and the wider structure of the alleged fraud. Meanwhile, efforts are continuing to locate and bring back the remaining accused believed to be staying overseas. Officials said they are coordinating with international authorities to complete the necessary legal procedures for further extradition actions.