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Ponzi scam: ED conducts raids in Pune, Nashik, Kolhapur in Rs 100 cr scam

Enforcement Directorate confiscated cash, bank funds, fixed deposits, and jewelry totaling Rs 5 crore

Written by  Shefali Kohli -- May 04th 2024 08:12 AM
Ponzi scam: ED conducts raids in Pune, Nashik, Kolhapur in Rs 100 cr scam

Ponzi scam: ED conducts raids in Pune, Nashik, Kolhapur in Rs 100 cr scam

Ponzi scam: The Directorate of Enforcement (ED), Mumbai, conducted search operations at several locations in Pune, Nashik, and Kolhapur on Thursday in connection with the Ponzi schemes and illegal forex trading platforms operated by businessman Vinod Tukaram Khute, his family members, and associates from Dubai.

The Enforcement Directorate (ED) conducted a search operation and confiscated cash, bank funds, fixed deposits, and jewelry totaling Rs 5 crore. They also froze these assets along with incriminating documents and digital devices. 


The ED launched an investigation based on an FIR filed by the Bharti Vidhyapeeth Station in Pune against individuals including Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others. They are accused of defrauding and cheating common people through Ponzi or multi-marketing schemes and forex trading platforms, amassing over Rs 100 crore.


According to the ED investigation findings, Vinod Khute, who is currently evading authorities and believed to be residing in Dubai, is identified as the main orchestrator behind several illegal multi-level marketing and Ponzi schemes. These schemes encompass illicit trading activities, crypto exchange operations, and wallet services conducted through entities such as the VIPS Group of companies, Global Affiliate Business, Kana Capital, Real Gold Capital, and Phoenix FX.

"The search operations unveiled a network of distributors enticing and luring the common public into investing in bogus, illicit schemes, illegal trading, and the activities of Vinod Khute. Funds are being collected through various bogus and shell entities that were layered into a complex web of transactions, ultimately resulting in the withdrawal of proceeds into cash and then siphoning off to Dubai by conversion to crypto and virtual assets or through Hawala channels," the ED added.

Earlier, in this case, ED conducted search operations and issued 3 provisional attachment orders, resulting in the attachment of various bank balances, immovable properties of Vinod Khute and his relatives in India and Dubai amounting to Rs 70.86 crore.

Further investigation is underway. 

 

- With inputs from agencies

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