Mumbai: The Enforcement Directorate (ED) has attached overseas assets worth Rs 37.5 crore of Dubai-based businessman Vinod Khute, the owner of VIPS Group of Companies and Global Affiliate Business company, in a money laundering case. The attached assets comprise immovable properties, including various flats worth Rs 37.5 crore in Dubai.
The ED initiated an investigation based on an FIR registered by the Bharti Vidyapeeth Police Station, Pune, under various sections of IPC, against Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and other unknown persons for cheating common people and hatching a criminal conspiracy to lure them into a Ponzi scheme and forex trading. Through these schemes, they collected more than Rs 100 crore in the bank accounts of several bogus companies and entities.
The ED's investigation revealed that Vinod Khute, currently living in Dubai, is the mastermind behind various illegal trades, crypto exchange, wallet services, and forex trading through the Dubai-based firm Kana Capital. He established multiple companies, including VIPSWALLET, VIPSTRADE Finance, Kana Capitals, Global Affiliate Business, VIPS Securities and VIPS Properties, to carry out illicit financial activities.
Funds collected from investors were routed through shell companies and dummy accounts. Subsequently, they 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 proceeds of crime, quantified at more than Rs100 crore, were utilised by Vinod Khute for his personal use, running day-to-day affairs of his companies, and acquiring properties in Dubai as well as in India.
Earlier, the ED had conducted searches at various locations based in Pune, Ahmedabad, and Mumbai related to Vinod Khute and frozen a sum of Rs23 crore in the form of bank balances and cash under the provisions of FEMA, 1999.
