The Enforcement Directorate (ED), Mumbai Zonal Office conducted several raids on Thursday as part of an investigation registered under the Prevention of Money Laundering Act (PMLA), 2002 at various locations in Kolhapur, Pune and Nashik.
The searches are part of a probe into a ponzi multi-level marketing scheme. Also being investigated are illegal forex trading platforms namely, VIPS Group of companies, M/s Global Affiliate Bussiness, M/s Kana Capital, Real Gold Capital, and Phoenix FX operated by Vinod Tukaram Khute, his family members and associates from Dubai, ED officials said in a press statement on Friday.
Cash, bank funds, fixed deposits, and jewellery worth ₹5 crore have been frozen and seized along with documents and digital devices.
“The ED initiated an investigation following a FIR registered at Bharti Vidhyapeeth Station, Pune, against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe and others for duping and cheating common people using ponzi multi marketing schemes and forex trading platforms promising exorbitant returns and collecting more than ₹100 Crore,” ED officials said.
Mastermind absconding
The investigation revealed that Vinod Khute, who is absconding and suspected to be residing in Dubai, is the mastermind of various illicit multi-level marketing and ponzi schemes, illegal trading, crypto exchange, wallet services through the VIPS Group of companies, M/s Global Affiliate Bussiness, M/s Kana Capital, Real Gold Capital and Phoenix FX. “The search operations unveiled a network of distributors enticing and luring common public into bogus, illicit schemes, and illegal trading run by Vinod Khute. Funds are collected through various bogus, shell entities which are layered into a complex web of transactions ultimately leading to withdrawal of proceeds in cash and siphoning off to Dubai by conversion to Crypto, virtual assets or through Hawala,” the ED officials said.
Earlier the ED conducted search operations and issued three provisional attachment orders resulting in the attachment of bank balances, immovable properties belonging to Vinod Khute and his relatives in India and Dubai amounting to ₹70.86 crore.
