The Enforcement Directorate arrested Avinash Arjun Rathod on 2 November 2026 in connection with an alleged investment fraud and money-laundering case involving APS Wealth Ventures LLP and associated entities. The Mumbai Zonal Office of the ED made the arrest under Section 19 of the Prevention of Money Laundering Act, 2002. A press release issued by the agency on 5 November 2026 detailed the findings of its preliminary investigation.
According to the ED, approximately 587 investors put around Rs 157 crore into the schemes run through APS Wealth Ventures LLP. Of this amount, roughly Rs 89 crore was allegedly not returned to the investors. Avinash Arjun Rathod is said to have held about 90 per cent ownership in APS Wealth Ventures LLP and exercised control over its day-to-day management and financial decisions. The investigation also covers APS Smart Gain LLP and other linked entities.
The ED stated that investor funds were moved through multiple corporate bank accounts. Substantial inter-account transfers took place. Money was also transferred into personal bank accounts and used for investments in securities. The agency is examining these transactions to identify the final beneficiaries and to trace assets.
The investment model, as described by the ED, offered investors around 5 per cent monthly profit along with 5 per cent repayment of the principal every month. The full repayment of principal was scheduled over a period of 20 months. For an investor putting in Rs 10 lakh, this structure would have meant a monthly payment of Rs 1 lakh for 20 months, adding up to Rs 20 lakh in total promised payments. The ED press release does not identify any specific underlying investment portfolio or business activity that was meant to generate these returns.
The money-laundering investigation is linked to an earlier criminal case registered by the Chaturshrungi Police Station in Pune. That FIR was later transferred to the Economic Offences Wing, Pune. An Indian Express report published on 21 April 2023 stated that a 50-year-old resident of Wakad had filed a complaint after investing about Rs 1.2 crore, which included personal savings and money borrowed from relatives.
The original complaint concerned approximately Rs 16 crore in alleged cheating. The accused named in early reports included Avinash Arjun Rathod, his wife Vishakha Rathod and other associates. The case invoked sections of the Indian Penal Code dealing with cheating and criminal breach of trust, along with provisions of the Maharashtra Protection of Interests of Depositors Act.
A Bombay High Court judgment dated 17 July 2023 provides further background. The case was Vishakha Avinash Rathod versus State of Maharashtra, Anticipatory Bail Application No. 2005 of 2023, arising from Crime Register No. 281 of 2023. Justice Amit Borkar rejected the anticipatory bail application filed by Vishakha Rathod.
The High Court recorded the prosecution’s account that Avinash Arjun Rathod was running APS Wealth Ventures LLP, which accepted money as investments and promised 5 per cent monthly profit and 5 per cent monthly repayment of principal, effectively doubling the money over 20 months. The informant in that case had invested Rs 6 lakh on 27 November 2021 in his sister’s name. An agreement provided for the monthly payments. Returns were received until May, after which payments stopped.
The judgment also noted that the informant had alleged that several investors had put in approximately Rs 300 crore. The prosecution submitted that the firm had allegedly cheated investors of Rs 15.45 crore and that the total investment according to the investigating agency stood at about Rs 77.27 crore. These figures were placed before the court at that stage of the proceedings. The ED’s later press release referred to approximately Rs 157 crore collected from 587 investors and Rs 89 crore allegedly not returned.
The High Court recorded that investigators had searched the premises of APS Wealth Ventures LLP, seized a computer hard disk, recorded statements of witnesses and identified nine bank accounts in the firm’s name. Those accounts had been frozen. The prosecution alleged that Vishakha Rathod had received amounts from investors through Avinash Rathod and that witness statements indicated her presence at meetings where investors were attracted to the scheme. It was also alleged that property purchased with crime money had been disposed of.
Vishakha Rathod’s counsel argued that she was not connected with her husband’s business, was not a partner in the LLP, was not named in the FIR, had no specific role attributed to her and had no criminal antecedents. The prosecution opposed the plea, stating that she had participated in meetings, received money and had not cooperated with the investigation despite a notice.
The court examined the case diary and observed that the material prima facie indicated she had received amounts from the firm and had taken part in meetings. It held that custodial interrogation was necessary and noted that she was outside India and had not appeared before the investigating agency. The anticipatory bail application was rejected on 17 July 2023.
Corporate records show that APS Wealth Ventures LLP was incorporated on 3 December 2020 with LLPIN AAU-9412. Its registered address is at Sr. No. 204, Parkhe Mala, Near Pavitra Hotel, Pune. The designated partners are listed as Avinash Arjun Rathod and Pratik Pathrotkar. The contribution obligation is shown as Rs 1 lakh. The business activity is classified as financial intermediation. The firm was reported as active in records available in mid-2026.
APS Smart Gain LLP was incorporated on 26 November 2021 with LLPIN AAZ-6413. It shares the same registered address and the same two designated partners. Its contribution obligation is also Rs 1 lakh. The ED has identified this entity as one of the associated firms through which investor funds were allegedly routed. Substantial inter-account transfers between APS Wealth Ventures LLP, APS Smart Gain LLP and other entities are under examination.
Earlier police reports indicated that investment activity connected to the accused had been taking place since 2018. APS Wealth Ventures LLP itself was incorporated only in December 2020. The relationship between any earlier arrangements and the formal LLP structure forms part of the overall investigation.
The ED press release states that investigators are examining allegations that Avinash Rathod and his wife left India for Dubai in April 2023. In Dubai, Rathod is said to have offered similar assured-return schemes through an entity called Wealthpro Investment Consultant LLC. Subsequent reporting provides additional details on their departure and return.
An Indian Express report published on 5 August 2026 stated that the couple had fled India after the Pune Economic Offences Wing investigation began in May-June 2023. The Central Bureau of Investigation obtained Interpol Red Notices against both individuals and coordinated their return from the United Arab Emirates.
It was reported on 25 July 2026 that Avinash Arjun Rathod was deported from the UAE on 23 July 2026.
An Interpol Red Corner Notice had been issued against him. He was located in the UAE, and the CBI coordinated the deportation with the Ministry of External Affairs and the Ministry of Home Affairs. He was brought to Mumbai and handed over to Maharashtra Police. The Tribune also reported the deportation on the same date.
Vishakha Rathod was deported on 3 August 2026. A Press Information Bureau release dated 5 August 2026 confirmed that the CBI had coordinated her return from the UAE. She was wanted in a large-scale financial fraud case involving allegations of inducing investors to put money into multiple schemes, promising assured fixed monthly returns, misappropriating funds and diverting proceeds through multiple bank accounts and demat accounts. She arrived in Pune on 3 August and was taken into custody by Maharashtra Police.
The ED is examining the Dubai entity as part of its investigation into the movement of funds and the alleged continuation of similar investment schemes after the couple relocated. The press release identifies Wealthpro Investment Consultant LLC as owned by Avinash Rathod but does not provide registration numbers, incorporation details or further corporate records from the UAE.
After Rathod’s arrest on 2 November 2026, the Special Court for PMLA cases in Mumbai granted the ED custody until 4 November 2026. The agency stated that custodial examination was being undertaken to investigate the money trail, identify beneficiaries and trace assets.
The original criminal case under the Indian Penal Code and the Maharashtra Protection of Interests of Depositors Act remains the predicate offence for the money-laundering investigation. The ED’s probe under the Prevention of Money Laundering Act focuses on the alleged proceeds of crime, their movement through various accounts, investments in securities and the identification of ultimate beneficiaries.
In the High Court proceedings of 2023, counsel for Vishakha Rathod had submitted that Avinash Rathod had initiated proceedings before the National Company Law Tribunal. The judgment does not record the case number, filing date or the precise nature of those proceedings.
The ED press release of 5 November 2026 presents the findings of its preliminary investigation. The figures of Rs 157 crore in investments and Rs 89 crore allegedly not returned are approximate amounts identified by the agency. The case continues under investigation. The allegations have not been tested in a criminal trial, and no finding of guilt has been recorded by a court.
