Fraudulent investment scheme case: ED conducts searches in Maharashtra, Gujarat

The Enforcement Directorate’s (ED) Mumbai Zonal Office conducted search operations across Kolhapur, Surat, and Ahmednagar on June 20 in connection with its ongoing probe into bogus Ponzi schemes and illegal forex trading platforms linked to the VIPS Group of Companies.

During the searches – conducted under the Prevention of Money Laundering Act (PMLA), 2002 – the ED seized various incriminating documents, details of immovable assets worth crores of rupees, and digital devices. It also froze several bank accounts belonging to the accused.

The fraudulent platforms are allegedly being operated by a Dubai-based businessman Vinod Tukaram Khute, and his family members and associates.

The investigation was initiated on the basis of a first information report (FIR) registered by Bharti Vidhyapeeth Police Station in Pune in which Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe and others have been accused of cheating common citizens through fraudulent marketing schemes and illegal forex trading platforms. The victims were duped with the promise of exorbitant returns for their investment and the accused allegedly amassed more than Rs 100 crore in the fraud. 

Khute, who resides in Dubai, is said to be the mastermind of the fraud. He allegedly operates various illegal trading, crypto exchange, and wallet services through VIPS Group of companies, M/s Global Affiliate Business, M/s Kana Capital, Real Gold Capital, and others.

The search operations were conducted on his associates who were involved in enticing and luring common citizens into investing in the fraud schemes. Funds collected through various shell entities were layered and eventually withdrawn in cash, and siphoned off to Dubai by conversion to crypto/virtual assets or through hawala channels, the agency claimed.

ED has previously conducted search operations in this case and issued Provisional Attachment Orders, resulting in the freezing of various bank balances, movable assets, immovable properties belonging to Khute and his relatives/associates in India and Dubai amounting to Rs 75.42 crore.

Further investigation is ongoing.

Source