The Directorate of Enforcement (ED) attached movable assets worth Rs 24.41 crore of various individuals, entities and firms which are used by absconding accused Vinod Khute, the owner of VIPS Group of Companies and Global Affiliate Business company based in Pune, the agency said on April 5.
The attached assets are in the form of balances in 58 bank accounts amounting to Rs 21.27 crore and deposits of Rs 3.14 crore, as per the ED. ED’s Mumbai Zonal office took action under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated the investigation based on First Information Reports (FIRs) registered by Bharti Vidyapeeth Police Station, Pune, under various sections of the Indian Penal Code against Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe and unknown others for cheating common people and hatching a criminal conspiracy to lure common people in Ponzi scheme and forex trading on the pretext of high returns, thereby collecting more than Rs 100 crore in the bank accounts of several bogus, sham firms, entities and companies.
The investigation of the probe agency revealed that Vinod Khute, who is absconding and suspected to be currently living in Dubai, is the mastermind of various illegal trade, crypto exchange, wallet services, and forex trading through Dubai-based firm Kana Capital Limited.
The investigation also revealed that Vinod Khute established multiple companies, including VIPSWALLET Pvt. Ltd., VIPSTRADE Finance Private Limited (VTFPL), Kana Capitals Limited, Global Affiliate Business (GAB), VIPS Securities, and VIPS Properties, among others, to carry out illicit financial activities.
“Further, funds were collected from investors and routed through shell companies and dummy accounts to conceal the illicit nature of the transactions,” said the ED in a statement.
“Later, funds were transferred out of India to Dubai through hawala operators, in exchange for cryptocurrency such as USDT, to evade regulatory scrutiny and facilitate money laundering. The proceeds of crime (more than Rs 100 crore quantified as per the investigation conducted so far) have been utilized by Vinod Khute for his personal use, running day-to-day affairs of his companies, acquiring properties in Dubai as well as in India, etc.”
Earlier, ED issued a provisional attachment order under the provisions of the PMLA, 2002, attaching overseas assets located in Dubai worth Rs 37.50 crore belonging to Vinod Khute, and Global Affiliate Business. Total attachment in this case now stands at Rs 61.91 crore.
(with inputs from ANI)
