UAE deports second accused in ₹88-crore fraud

The Central Bureau of Investigation has secured the deportation of Vishakha Avinash Rathod from the United Arab Emirates over an alleged ₹88-crore investment fraud investigated by Pune Police.

Rathod arrived in India on August 3 after UAE authorities acted on an Interpol Red Notice issued at the request of law-enforcement agencies. The operation was coordinated by the CBI, the Ministry of External Affairs and the Ministry of Home Affairs, with Maharashtra Police taking custody of the accused for further investigation.

Her return came less than two weeks after her husband, Avinash Arjun Rathod, was deported from the UAE on July 23 in connection with the same case. He was arrested by the Economic Offences Wing of Pune Police at Mumbai airport and taken to Pune, where a court remanded him to police custody for questioning.

The couple are accused of collecting money from investors through APS Wealth Ventures LLP by promising unusually high and fixed monthly returns. Investigators allege that the funds were subsequently misappropriated or transferred through several bank and demat accounts instead of being deployed as represented to depositors.

The case was registered at Pune’s Chaturshringi police station in April 2023 and later transferred to the Economic Offences Wing. The alleged offences include cheating, criminal breach of trust and common intention under the Indian Penal Code, along with provisions of the Maharashtra Protection of Interest of Depositors Act.

Police estimate that investors covered by the investigation lost about ₹88 crore. One complainant allegedly invested more than ₹86 lakh after being offered attractive returns. The broader financial exposure has varied across complaints and court proceedings as investigators identify additional depositors and examine transactions involving the firm.

APS Wealth Ventures allegedly offered investors a monthly payment combining profit and repayment of principal. One version of the scheme promised returns equivalent to 5 per cent profit and 5 per cent principal each month, creating the expectation that the invested amount would be recovered or doubled within about 20 months.

Payments were allegedly made to some investors during the initial period, reinforcing confidence in the operation and encouraging additional deposits. Complaints began to accumulate after the promised returns stopped and investors were unable to recover their principal.

Investigators allege that Vishakha Rathod attended meetings at which investment proposals were discussed and received funds linked to APS Wealth Ventures in different capacities. They are examining whether she participated in attracting depositors, managing company affairs or moving assets purchased with money collected through the schemes.

Rathod previously denied involvement in her husband’s business while seeking anticipatory bail from the Bombay High Court in 2023. Her counsel argued that she was neither a partner in APS Wealth Ventures nor named in the original complaint and said no specific role had initially been attributed to her.

The prosecution disputed that position, citing witness statements and financial records that allegedly indicated her presence at investor meetings and transfers of money to accounts associated with her. The court rejected her anticipatory bail application, saying custodial questioning was required to examine the financial relationship and the wider alleged network.

Authorities later issued Look Out Circulars against the couple. Judicial proceedings declared them absconders after they failed to appear before investigators, while efforts were initiated to trace them abroad and obtain international notices.

Interpol issued Red Notices against Avinash and Vishakha Rathod on June 4. A Red Notice asks police forces worldwide to locate and provisionally detain a wanted person pending extradition, surrender or another lawful process. It is not an international arrest warrant and does not determine guilt.

The CBI serves as the National Central Bureau for Interpol coordination and works with foreign authorities when fugitives wanted by state or central agencies are located overseas. Deportation can provide a faster return mechanism than formal extradition when the host country removes a person under its immigration or residency laws.