The Enforcement Directorate (ED) has arrested Avinash Arjun Rathod, a key accused in a fraudulent investment scheme run under the name APS Wealth Ventures LLP, in connection with an alleged ₹89 crore loss inflicted on nearly 587 investors across India. The arrest was made on 2 November 2026 by the ED's Mumbai Zonal Office under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.

Key Developments in the Arrest

Following his arrest, the Special PMLA Court in Mumbai remanded Rathod to ED custody until 4 November. The ED's action was initiated on the basis of a First Information Report (FIR) registered by Chaturshringi Police Station in Pune, which was subsequently transferred to Pune's Economic Offences Wing (EoW) for further investigation.

Investigators allege that investors were lured into the scheme with promises of assured monthly returns of 5% profit and 5% repayment of principal over a period of 20 months — a classic hallmark of Ponzi-style investment fraud. According to ED officials, a total of ₹157 crore was collected from 587 investors, of which approximately ₹89 crore was allegedly never returned.

Rathod's Control Over APS Wealth Ventures

The ED's investigation under PMLA reportedly established that Rathod was the principal controlling figure behind APS Wealth Ventures LLP, holding a 90% ownership stake in the entity. He was allegedly responsible for day-to-day management, financial decisions, and direct operation of its bank accounts.

Investigators allege that funds collected from investors were systematically routed through multiple bank accounts associated with APS Wealth Ventures and its linked entities, including APS Smart Gain and others. Analysis of these accounts reportedly revealed substantial inter-account transfers and complex fund movements across various banking channels.

Dubai Link and Alleged Offshore Operations

A significant cross-border dimension has emerged in the case. According to the ED, Rathod and his wife allegedly left India for Dubai in April 2023. It is alleged that he continued operating similar assured-returns investment schemes from Dubai under a company named Wealthpro Investment Consultant LLC, owned by him in the UAE. The ED has stated that these offshore operations are yet to be fully examined.

Notably, the Dubai angle adds an international money-laundering dimension that could complicate asset recovery for affected investors. This is consistent with a broader pattern seen in Indian financial fraud cases, where accused individuals have used offshore entities to layer and park illicit proceeds beyond the reach of domestic enforcement.

What Investigators Are Examining Next

The ED questioned Rathod extensively to ascertain the complete money trail, identify beneficiaries of the proceeds of crime, and trace assets acquired through the alleged fraud. Investigators are also examining personal bank account transactions of Rathod, including outward transfers to various individuals and investments in securities.

The role of other accused persons and associated entities is also reportedly under scrutiny. As the probe deepens, the ED is expected to issue notices, attach assets, and potentially seek extradition assistance if key associates are found to be operating from abroad.