The Directorate of Enforcement (ED), Mumbai Zonal Office, has issued a provisional attachment order under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 attaching immovable assets worth Rs 8.98 crore owned by various family members of Vinod Khute, owner of VIPS Group of Companies and M/s Global Affiliate Business company, based in Pune.
According to the central enforcement agency, the attached assets are in the form of five residential flats measuring 366.92 sq. metres, two multipurpose halls measuring 139.39 sq. metres located in Pune, two office spaces measuring 366.92 sq. metres, all located in Pune and one land parcel measuring 2 hectares located in Ahmednagar district of Maharashtra.
ED said it has initiated an investigation on the basis of an FIR registered by Bharti Vidyapeeth Police Station, Pune, under various sections of Indian Penal Code, 1860 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 schemes and forex trading on the pretext of high returns, thereby alegedly collecting more than Rs 100 Crore in the bank accounts of several bogus/sham firms/entities/companies.
ED said the investigation revealed that Vinod Khute, who is absconding and suspected to be presently residing in Dubai, is the mastermind behind various illegal trades, crypto exchange, wallet services, forex trading through Dubai based firm M/s Kana Capital Limited.
The investigation has revealed that Vinod Khute established multiple companies, including M/s VIPSWALLET Pvt Ltd, M/s VIPSTRADE Finance Private Limited (M/s VTFPL), M/s Kana Capitals Limited, M/s Global Affiliate Business (GAB), VIPS Securities, and VIPS Properties, among others, to carry out illicit financial activities.
Further, ED alleged that funds were collected from investors and routed through shell companies and dummy accounts to conceal the illicit nature of the transactions. Thereafter, funds were allegedly transferred from 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 utilised by Vinod Khute for his personal use, running the day-to-day affairs of his companies, acquiring properties in Dubai as well as India, etc, as per ED.
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, owner of VIPS Group of Companies and M/s Global Affiliate Business company and movable assets worth Rs 24.41 crore. Total attachment in this case now stands at Rs 70.89 crore.
Further investigation is under progress.
