Pune EOW extradites ₹88 crore investment scam mastermind from UAE
Synopsis
After more than two years on the run — including a stint abroad — the alleged mastermind of a ₹88 crore investment fraud has been extradited from the UAE and remanded to Pune police custody. The case exposes how Ponzi-style schemes exploiting high-return promises continue to ensnare investors, and how international legal machinery is increasingly being deployed to close the net.
Key Takeaways
Avinash Arjun Rathod , alleged mastermind of a ₹88 crore investment fraud, was extradited from the UAE and arrested on 23 July 2026 .
Rathod operated through APS Wealth Ventures LLP , based in Baner, Pune , allegedly promising high returns that were never delivered.
The case was registered at Chatushringi Police Station on 20 April 2023 under IPC Sections 420, 406, 409, 34 and the MPID Act .
A Red Corner Notice was issued on 4 June 2026 ; UAE authorities detained Rathod, leading to his extradition.
A court in Pune has remanded Rathod to 10 days of police custody for interrogation into fund diversion and the wider network.
His wife, Vishakha Avinash Rathod , and other associates remain at large; extradition efforts are ongoing.
The Economic Offences Wing (EOW) of Pune Police has extradited and arrested Avinash Arjun Rathod, the alleged mastermind of a ₹88 crore investment fraud, from the United Arab Emirates (UAE) on 23 July 2026, following the completion of international legal procedures. Rathod, who had been absconding for over two years, was formally taken into custody upon landing at Mumbai International Airport before being transferred to Pune.
How the Fraud Unfolded
Rathod is accused of orchestrating a large-scale investment scheme through APS Wealth Ventures LLP, a firm registered in the Baner area of Pune, of which he served as director. Along with his wife, Vishakha Avinash Rathod, he allegedly induced investors to deposit funds by promising unusually high returns within short timeframes.
Formal investment agreements were reportedly executed with investors, but the promised returns were allegedly never paid and the deposited amounts were not refunded. The original complainant alone had invested ₹86,37,500, according to investigators. As the probe widened, the total alleged fraud was estimated at approximately ₹88 crore across a large number of victims.
The Legal Trail and International Manhunt
The case was first registered at Chatushringi Police Station in Pune on 20 April 2023 under Crime No. 281/2023. The First Information Report invoked Sections 420 (cheating), 406 and 409 (criminal breach of trust), and 34 of the Indian Penal Code, along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act. The investigation was subsequently transferred to the EOW.
Soon after the case was registered, both Rathod and his wife allegedly fled. A Look Out Circular (LOC) was issued against them on 24 April 2024. The Special MPID Court at Shivajinagar, Pune, later issued Standing Arrest Warrants, and proceedings were initiated to declare the duo Proclaimed Offenders under Section 82 of the CrPC. Their passports were also suspended.
Domestic searches yielded no results, prompting investigators to escalate internationally. On 4 June 2026, a Red Corner Notice was issued against both accused. Acting on this, UAE authorities detained Avinash Rathod, paving the way for his extradition.
Arrest and Custody
Rathod was brought back to India on 23 July 2026 and arrested by EOW personnel at Mumbai International Airport. He was subsequently produced before a court in Pune, which remanded him to 10 days of police custody for detailed interrogation.
What Investigators Are Now Pursuing
The EOW has intensified its probe into the financial trail of the alleged fraud. Investigators are working to determine how the approximately ₹88 crore collected from investors was utilised — including whether funds were diverted into properties, other assets, or transferred abroad — and the extent of involvement of other associates in the alleged network.
Pune Police confirmed that efforts are underway on a priority basis to secure the return of the remaining accused, believed to be hiding abroad, with close coordination being maintained with international agencies to complete extradition proceedings.
Point of View
But the harder question is restitution — not just conviction. India's track record of recovering investor funds in MPID cases is thin; assets are typically dissipated or layered into real estate long before arrest. The EOW's focus on tracing the ₹88 crore financial trail is the right instinct, but custodial interrogation alone rarely unlocks offshore fund flows. With Vishakha Rathod and other associates still at large, the network — and the money — may remain largely intact. The real test of this extradition's value will be measured in recovered funds, not remand days.
NationPress
25 Jul 2026
Frequently Asked Questions
Who is Avinash Arjun Rathod and what is he accused of?
Avinash Arjun Rathod is the director of APS Wealth Ventures LLP, a Pune-based firm, accused of defrauding investors of approximately ₹88 crore by promising high returns that were allegedly never paid. He and his wife, Vishakha Rathod, allegedly absconded after the case was registered in April 2023.
How was Rathod extradited from the UAE?
A Red Corner Notice was issued against Rathod on 4 June 2026, following which UAE authorities detained him. After completion of international legal procedures, he was extradited to India on 23 July 2026 and arrested by Pune EOW personnel at Mumbai International Airport.
What charges has Rathod been booked under?
Rathod has been booked under IPC Sections 420 (cheating), 406 and 409 (criminal breach of trust), and 34 (common intention), along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act. The case is registered under Crime No. 281/2023 at Chatushringi Police Station, Pune.
What is the current status of the case?
Rathod has been remanded to 10 days of police custody by a Pune court for detailed interrogation. The EOW is investigating how the ₹88 crore was utilised, including possible diversion into properties or overseas transfers. His wife and other accused remain at large, with extradition proceedings underway.
Who else is accused and are they in custody?
Rathod's wife, Vishakha Avinash Rathod, is also a named accused in the case. She is believed to be abroad and remains at large. Pune Police said efforts are underway on a priority basis to secure the return of the remaining accused through international coordination.
