New Delhi, June 23 The Mumbai zonal office of the ED seized assets worth crores of rupees in multi-city searches at Kolhapur, Ahmednagar, Pune and Surat in connection with a Rs 100 crore scam involving Ponzi schemes and illegal forex trading, an official said on Monday.
The searches by the Enforcement Directorate were conducted on June 20 as part of an ongoing probe in the case of bogus Ponzi/multi-level marketing schemes/illegal forex trading platforms of VIPS Group of companies operated by Vinod Tukaram Khute, his family members and associates, said an official in a statement.
During the search operations, various incriminating documents, immovable assets worth crores, digital devices and bank funds were seized/frozen, it said.
In May last year, the ED had conducted similar searches under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Kolhapur, Pune and Nashik as part of an ongoing probe.
The bogus Ponzi/multi-level marketing schemes/illegal forex trading platforms which faced the action included VIPS Group of companies, Global Affiliate Business, Kana Capital, Real Gold Capital and Phoenix FX, all operated by Vinod Tukaram Khute, his family members and associates from Dubai.
During the search operations, cash, bank funds, fixed deposits and jewellery to the tune of Rs 5 crore were frozen and seized along with various incriminating documents and digital devices.
In a statement issued in May last year, the ED said that the investigation was initiated on the basis of FIR registered by Bharti Vidhyapeeth Station, Pune against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe and others for duping/cheating common people in the name of Ponzi/ multi marketing schemes and forex trading platforms promising exorbitant returns and collected more than Rs 100 crore.
The ED Investigation revealed that Vinod Khute, who is absconding and suspected to be presently residing in Dubai, is the mastermind of various illicit multi-level marketing and Ponzi schemes, illegal trading, the statement said.
The search operations unveiled a network of distributors enticing and luring the common public into investing in bogus/illicit schemes/illegal trading and activities of Vinod Khute, the ED said.
Funds were being collected through various bogus/shell entities which were layered into a complex web of transactions, ultimately resulting in withdrawal of proceeds into cash and then siphoning off to Dubai by conversion to crypto/virtual assets or through Hawala channels, the ED said.
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