The Bombay High Court’s Nagpur Bench has granted anticipatory bail to six accused in the alleged ₹700 crore APS Wealth Ventures LLP scam. Advocate Aashuutosh Srivastava led the defense in this high-profile financial fraud case under EOW scrutiny.
Sayali memane
Pune 6 August : In a significant development that has stirred legal and financial circles in Maharashtra, the Nagpur Bench of the Bombay High Court has granted anticipatory bail to six individuals accused in the high-profile ₹700 crore APS Wealth Ventures LLP scam. The accused, designated as Accused Nos. 3 to 8, were granted relief after their earlier anticipatory bail plea was rejected by the Additional Sessions Judge in Akola on June 23, 2025.
The FIR in the case was registered at Khadan Police Station, Akola, based on a complaint by Atmaram Amarsingh Rathod. The complaint alleges that Rathod and others had invested approximately ₹89.5 lakh in APS Wealth Ventures LLP, a Pune-based financial firm now under scrutiny by the Economic Offences Wing (EOW), Pune. The charges invoked in the FIR include Sections 406 (criminal breach of trust), 420 (cheating), 506 (criminal intimidation), and 34 (common intention) under the Indian Penal Code, 1860. The complainant alleges misappropriation of funds and deception, forming part of a larger ₹700 crore financial matrix.
The legal defense was led by Advocate Aashuutosh Srivastava, a well-known criminal lawyer recognized for his expertise in white-collar crime. In a powerful presentation before the court, Srivastava argued that the accused individuals are family members of the primary suspect and were wrongly implicated in the case. He pointed out that the applicants are either senior citizens in retirement, homemakers with no professional affiliations, or working professionals with no connection to the company’s management. They had neither induced the complainant to invest nor were involved in any fiduciary or financial dealings related to the LLP. The FIR, according to Srivastava, was a strategic tool used to apply pressure by targeting close family members of the main accused. He asserted that criminal proceedings must not be weaponized to settle civil or commercial disputes.
Justice Urmila S. Joshi Phalke, after thoroughly reviewing the state’s reply and the submitted documentary evidence, agreed with the defense’s reasoning and granted anticipatory bail to all six applicants. The Court held that there was no substantive evidence to suggest their direct involvement in the management or operation of the LLP or in any inducement made to the complainant. The ruling reaffirmed the principle that the criminal justice system should not be misused to harass individuals who are not linked by action, but merely by familial association.
After the verdict, Advocate Srivastava remarked that the judgment was a strong reaffirmation of the constitutional right to personal liberty. He stated, “The Hon’ble Court rightly recognized that criminal law cannot be invoked to settle civil or commercial disputes, particularly by dragging in uninvolved family members. The bail granted to my clients who have come with clean records reaffirms the constitutional guarantee of personal liberty and protection from arbitrary arrest. This decision is a victory for justice, due process, and the rule of law.”
It was also highlighted during the proceedings that the applicants had fully cooperated with the EOW in an earlier investigation involving a similar FIR tied to APS Wealth Ventures LLP. Legal experts have lauded the judgment for its clarity and firm stance against the growing trend of misusing criminal law in business disputes. The bail order has been hailed as an important milestone that underscores the need for individualized scrutiny and evidentiary benchmarks, especially when elderly and uninvolved persons are implicated.
Though the ₹700 crore APS Wealth Ventures LLP case continues to be under thorough investigation by the Economic Offences Wing, today’s High Court order draws a necessary distinction between actual accountability and presumed guilt by association. It reinforces the principle that justice must be evidence-based, and that the law should shield the innocent from harassment under the guise of legal process.
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