The Directorate of Enforcement (ED), Mumbai Zonal Office issued Provisional Attachment Order under the provisions of the Prevention of Money Laundering Act attaching movable assets worth Rs. 24.41 Crore of various individuals, entities and firms linked to VIPS Group of Companies and Global Affiliate Business companies promoted and controlled by Vinod Khute for layering of Proceeds of Crime.
The attached assets in the form of balance in 58 bank accounts amounting to Rs. 21.27 Crore and deposits of Rs.3.14 Crore linked to Khute.
Earlier ED had issued a Provisional Attachment Order for attaching overseas assets located in Dubai worth Rs 37.50 crore of Vinod Khute. A total of Rs 61.91 crore assets have been attachment by ED till date.
Last June ED had raided or VIPS Group of Companies and Global Affiliate Business managed & controlled by Vinod Khute & his relatives resulting in seizure of cash amounting to Rs.2 Crore and bank balance of Rs.10.38 Crore.
ED Uncovers Multi-layered Financial Fraud And Illegal Schemes Linked To Vinod Khute
The probe agency had initiated FEMA and PMLA investigation against fugitive Vinod Khute hiding in UAE.
Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase and Ajinkya Badadhe had hatched a criminal conspiracy to lure public to invest in Ponzi scheme and forex trading on the pretext of high returns. Khute was allegedly the mastermind of various illegal trade, crypto exchange, wallet services being operated through VIPS Group of companies and siphoning off the proceeds of the transactions through Hawala to various foreign countries.
According to ED officials, during investigation, it was found that Global Affiliate Business which is an affiliate programme that markets business in affiliate marketing by selling products through E-Commerce Shopping Portal operated through an mobile application namely “Global Affiliate Business” available on Google Play Store and Apple Store. The probe into Global Affiliate Business revealed an illegal multi level marketing schemes run with where consumers opt for the scheme to become member and refer other consumers on the application and website and a commission on the investment was credited in mobile wallet. The probe agency alleged that funds of Rs.125 Crore were collected from various investors by Global Affiliate Business by marketing the business of Kana Capital engaged into brokerage under which various clients trade forex, crypto, stocks etc. Kana Capitals conducted weekly training programmes for clients of Global Affiliate Business for investment in VIPSWALLET, VIPSFINSTOCK for purchase of sale and purchase of crypto, stocks, and how to lure other consumers into illegal and unauthorized Multi level Marketing Schemes.
ED Uncovers Financial Irregularities At Pune's Dhanashree Multi State Co-op Credit Society Linked To Vinod Khute
The ED investigation further led the sleuths to Pune based Dhanashree Multi State Co-op Credit Society Limited, another venture floated by Vinod Khute to lure investors in fake schemes wherein he was offering high interest rates of 2%-4% per month. The investigation also revealed that several crore investment from various clients and investors had been collected in cash and Global Affiliate Business accounts were siphoned out of the country through Hawala Channels and shell companies. ED officials identified Rs.125 crore collected through banking channel and cash from investors lured with high interest and commission income.
The anti money laundering investigation based on the financial trail led to freezing of Rs.17.22 crore bank balances under the provisions of FEMA violations.
