Pune: The Enforcement Directorate (ED) has arrested Avinash Arjun Rathod, the man it describes as the principal controller of APS Wealth Ventures LLP, in a money-laundering investigation into investment schemes that allegedly left investors nearly Rs 89 crore out of pocket, the agency said in a statement on Thursday (November 5). The ED's Mumbai Zonal Office arrested Rathod on November 2 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, and a Special PMLA Court in Mumbai remanded him to ED custody till November 4.

Source: IANS

The ED case rests on an FIR first registered at Chaturshringi Police Station in Pune against Rathod and others, later transferred to Pune's Economic Offences Wing (EOW). Investors were allegedly lured with a promise of assured monthly returns of 5 per cent profit and 5 per cent repayment of principal for 20 months.

Source: IANS

According to the ED, 587 investors put around Rs 157 crore into the schemes, of which around Rs 89 crore was allegedly not returned. The agency said Rathod held 90 per cent ownership in the LLP and was responsible for its day-to-day management and financial decisions, including operating its bank accounts, and was allegedly instrumental in moving funds through accounts of APS Wealth Ventures and associated entities, including APS Smart Gain.

Source: IANS

The ED said analysis of bank accounts showed substantial inter-account transfers, and that transactions through Rathod's personal accounts — including outward transfers to individuals and investments in securities — are being examined to establish where the money finally went and who benefited. The agency questioned him to trace the complete money trail, identify beneficiaries and assets acquired from the alleged proceeds, and establish the role of other accused and entities.

Source: IANS

The agency further alleged that Rathod and his wife left India for Dubai in April 2023, where he allegedly offered similar assured returns to investors through a Dubai firm, Wealthpro Investment Consultant LLC, owned by him — an angle the ED said is still to be examined there. All of these remain allegations at this stage; Rathod has not been convicted in the case.

Source: IANS

The ED arrest is a new federal step in a case that has already seen major police action: Pune's EOW had earlier brought Rathod back from the UAE and arrested him in July 2026 in the underlying police case, after a Red Corner Notice was issued against him in June 2026. The money-laundering investigation now runs alongside that case.

Source: Nation Press