Handcuffed
Mumbai: Enforcement Directorate (ED) has arrested Avinash Arjun Rathod, alleged promoter of APS Wealth Ventures LLP, in a money-laundering case involving Rs 157 crore collected from 587 investors through an investment scheme. ED said investors were promised a 5% monthly profit and repayment of 5% of the principal over 20 months. Of about Rs 157 crore collected, nearly Rs 89 crore was allegedly not returned.
Rathod held about 90% ownership in APS Wealth Ventures LLP and controlled its daily operations and financial decisions, according to ED. ED is also investigating allegations that Rathod and his wife moved to Dubai in April 2023, where he allegedly offered similar assured-return schemes through Wealthpro Investment Consultant LLC, an entity he owned. The investigation was initiated on the basis of a related case registered in Pune. Investigators traced funds through multiple bank accounts belonging to the LLP, APS Smart Gain LLP and other associated entities. You Can Also Check: Gold Rate in Mumbai | Silver Rate in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Mumbai AQI | Weather in Mumbai | Petrol Price in Mumbai | Diesel Price in Mumbai | CNG Price in Mumbai | LPG Price in Mumbai