Pune Police Seek Extradition of 26 Investment Fraud Accused

Pune Police's Economic Offences Wing (EOW) has initiated a major crackdown on investment fraud by proposing the issuance of Interpol Red Corner Notices against eight accused who allegedly fled to Dubai after cheating investors.

According to Deputy Commissioner of Police (Economic Offences Wing) Vivek Masal, the EOW has prepared a list of 26 accused who allegedly duped investors and escaped to Dubai and other foreign countries.

The accused allegedly collected money from investors by promising unusually high returns through share market investment schemes. Efforts are underway to bring them back to India through the legal process of extradition.

The move comes after the successful extradition of Avinash Arjun Rathod, director of APS Wealth Ventures HLP, who is accused of cheating investors of ₹88 crore. Rathod had fled to Dubai after the alleged fraud but was recently extradited to India and arrested by Pune Police.

Among the eight accused proposed for Red Corner Notices are Amar Biradar and his wife Dnyaneshwari Amar Biradar, who are wanted in cases registered at Kothrud, Chatushrungi, and Deccan police stations. The couple allegedly lured investors by promising monthly returns of 4 to 5 per cent and are accused of cheating investors of nearly ₹9.49 crore before fleeing overseas.

Another accused, Vinod Kute, along with his associates, allegedly collected money from investors through multiple investment schemes and routed the funds abroad using shell companies. Police allege they cheated investors of ₹14.80 crore before escaping to Dubai.

Nikhil Chaddha is accused of cheating investors of ₹11.40 crore in the name of share market investments before fleeing to Dubai. Police said he is believed to be in contact with his wife from abroad. A Look Out Circular (LOC) has already been issued against him, restricting his international travel.

DCP Vivek Masal said that the successful extradition of Avinash Rathod has given investigators a better understanding of the legal and procedural requirements involved in bringing fugitives back to India. Based on that experience, proposals for Red Corner Notices have now been prepared against eight accused, and efforts will continue to secure the return of all 26 fugitives.

The extradition process is a significant step towards bringing the accused to justice and providing relief to the investors who were cheated. The Pune Police's efforts to crack down on investment fraud and bring the accused to justice are a welcome move.

The case highlights the need for investors to be cautious and vigilant when investing in share market schemes, and to thoroughly research the credibility of the companies and individuals involved.

In conclusion, the Pune Police's move to extradite the 26 accused of investment fraud is a significant step towards justice and relief for the cheated investors. The successful extradition of Avinash Rathod has paved the way for the extradition of the other accused, and the police are working tirelessly to bring them back to India to face the law.