The Enforcement Directorate (ED), Mumbai Zonal Office, has taken significant action in connection with an ongoing investigation into a Ponzi scheme allegedly orchestrated by Vinod Khute, owner of VIPS Group of Companies. As part of their probe under the Prevention of Money Laundering Act (PMLA), ED has issued a Provisional Attachment Order, attaching immovable assets valued at Rs. 8.98 Crore.
These assets, comprising five residential flats, two multipurpose halls, two office spaces in Pune, and a land parcel in Ahmednagar district of Maharashtra, are alleged to be owned by various family members of Vinod Khute. The investigation stems from an FIR registered by the Bharti Vidyapeeth Police Station, Pune, under various sections of the Indian Penal Code.
ED’s investigation has uncovered a complex web of illicit financial activities allegedly masterminded by Vinod Khute, who is suspected to be residing in Dubai. Khute is accused of running illegal trades, crypto exchanges, and forex trading through Dubai-based firms, including M/s Kana Capital Limited.
According to the Enforcement Directorate, 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, to facilitate these illegal activities. Funds collected from investors were allegedly routed through shell companies and dummy accounts to evade detection.
Furthermore, ED claims that funds were transferred out of India to Dubai through hawala operators, exchanged for cryptocurrency such as USDT, to avoid regulatory scrutiny and facilitate money laundering. The proceeds of the crime, totaling over Rs. 100 Crore, have allegedly been utilized by Khute for personal expenses and acquiring properties in Dubai and India.
Previously, ED had issued a Provisional Attachment Order attaching overseas assets worth Rs. 37.50 Crore belonging to Vinod Khute. With the latest attachment, the total amount now stands at Rs. 70.89 Crore. The investigation continues as authorities seek to unravel the full extent of the alleged financial irregularities and bring the perpetrators to justice.
