The Central Bureau of Investigation (CBI) has secured the return of an alleged investment fraud accused from the United Arab Emirates (UAE), marking another breakthrough in a multi-crore financial scam that allegedly duped hundreds of investors in Maharashtra.
Vishakha Rathod, who was wanted under an Interpol Red Notice, was deported to India and landed in Pune on August 3. She was immediately taken into custody by the Maharashtra Police’s Economic Offences Wing (EOW), which is investigating the alleged ₹88-crore fraud.
Accused of Running High-Return Investment Scheme
According to investigators, Vishakha Rathod, along with her husband Avinash Arjun Rathod and other associates, allegedly operated APS Wealth Ventures LLP, offering investment schemes that promised fixed monthly returns. Investors were reportedly assured returns as high as five per cent every month, with claims that their money would multiply within a short period.
Police allege that the firm collected large sums from depositors before diverting the funds through multiple bank and demat accounts instead of using them for legitimate investments. Authorities suspect the operation functioned as a Ponzi-style scheme, where money collected from new investors was allegedly used to sustain promised payouts.
Probe Began After Investor Complaints
The investigation stems from a complaint registered at Pune’s Chatushrungi Police Station in April 2023. During the inquiry, the Pune EOW found that the alleged fraud had impacted hundreds of investors, with estimated losses reaching nearly ₹88 crore.
Officials said that although formal investment agreements were signed with depositors, the promised returns and even the principal amounts were allegedly never repaid.
As the investigation progressed, the accused allegedly left India. A Look Out Circular was issued against the couple in April 2024, followed by arrest warrants and a public notice from the Maharashtra Protection of Interest of Depositors (MPID) Court.
On June 4, 2026, Interpol issued Red Notices against both Vishakha and Avinash Rathod, enabling international law enforcement agencies to trace them.
Avinash Rathod was first detained in the UAE and deported to India on July 23, where he was arrested by the Pune EOW at Mumbai International Airport. With Vishakha Rathod now also brought back to India, both key accused are in the custody of Maharashtra Police.
The CBI, acting as India’s National Central Bureau for Interpol, coordinated with the Ministry of External Affairs (MEA), the Ministry of Home Affairs (MHA), and law enforcement agencies in the UAE to facilitate the return of the accused.
Investigators are continuing to trace the alleged diversion of funds, identify the role of other individuals linked to the case, and determine the full extent of financial losses suffered by investors.
