ED cracks down on Pune ponzi kingpin, seizes Rs 24.41 cr in bank accounts

According to an official statement on Friday, the Enforcement Directorate (ED) has issued a ‘provisional attachment order’, seizing movable assets valued at Rs 24.41 crore belonging to several individuals, entities, and firms. These assets are allegedly linked to Vinod Khute, the owner of Pune-based VIPS Group of Companies and Global Affiliate Business Company, in a suspected case of money laundering.

According to ED, the attached assets, under the provisions of the Prevention of Money Laundering Act (PMLA) of 2022, are in the form of balance in 58 bank accounts amounting to Rs 21.27 crore and deposits of Rs 3.14 crore.

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Investigation Initiated into Alleged Ponzi Scheme and Forex Trading Scam

The probe agency has commenced an investigation following an FIR lodged by the Bharti Vidyapeeth Police Station in Pune. The FIR, filed under various sections of the Indian Penal Code, 1860, implicates Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and unidentified others.

The individuals are alleged to have engaged in deception and conspiracy, enticing people into a Ponzi scheme and forex trading by offering substantial returns. This led to the accumulation of over Rs 100 crore in the bank accounts of multiple fraudulent firms and entities.

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ED Investigation Uncovers Vinod Khute’s Alleged Involvement

“ED investigation revealed that Vinod Khute who is absconding and suspected to be presently residing in Dubai, is the mastermind of various illegal trade, crypto exchange, wallet services, and forex trading through Dubai-based firm M/s Kana Capital Limited,” said ED in a statement issued on Friday.

Investigation has revealed that Vinod Khute established multiple companies, including VIPSWALLET Pvt Ltd, VIPSTRADE Finance Private Limited, 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. Thereafter, 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 ED said.

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ED Investigates Utilization of Proceeds of Crime by Vinod Khute

The probe agency further said that 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.

Previously, the Enforcement Directorate had issued a Provisional Attachment Order, as per the provisions of the PMLA, 2002, attaching overseas assets situated in Dubai valued at Rs 37.50 crore owned by Vinod Khute. With this development, the total attachment in this case has now reached Rs 61.91 Crore.

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