The Economic Offences Wing of Pune Police has successfully extradited and arrested Avinash Arjun Rathod, the alleged mastermind behind a Rs 88 crore investment fraud case, from the United Arab Emirates. Rathod is accused of deceiving investors by promising them unusually high returns, leading to losses amounting to nearly Rs 88 crore. Authorities had been searching for Rathod, who had been evading law enforcement for an extended period, prompting international legal actions to bring him to justice.
A Red Corner Notice was issued against Rathod, which led to his detention in the UAE before being brought back to India. Upon his arrival at Mumbai International Airport, Rathod was taken into custody by the Pune Police’s Economic Offences Wing and later presented before a court, which granted a 10-day police custody for further interrogation. The case, registered in 2023, involves allegations of cheating, criminal breach of trust, and other offenses under the Indian Penal Code and the Maharashtra Protection of Interest of Depositors Act.
Investigations revealed that Rathod, along with his wife, operated a scheme through APS Wealth Ventures LLP, enticing investors with lucrative returns that were never fulfilled. The total fraud amount is estimated to be around Rs 88 crore, affecting numerous individuals who were promised high returns but never received them. Despite efforts to evade authorities, Rathod was eventually detained in the UAE and extradited back to India for legal proceedings.
The Pune Police’s Economic Offences Wing is now focused on tracing the financial transactions related to the alleged fraud, including investigating the utilization of the collected funds, potential asset diversions, and any international money transfers. Rathod’s interrogation is expected to provide crucial insights into the fraud’s operations and the involvement of other associates. Additionally, efforts are underway to locate and extradite other accused individuals believed to be evading law enforcement abroad.
