The Directorate of Enforcement (ED), Mumbai, undertook search operations across several sites in Pune, Nashik, and Kolhapur on Thursday, targeting businessman Vinod Tukaram Khute, his family members, and associates allegedly involved in Ponzi schemes and illegal forex trading platforms based in Dubai, according to an ED press release.
During these searches, ED seized cash, bank funds, fixed deposits, and jewelry amounting to Rs 5 crore. Various incriminating documents and digital devices were also confiscated, the press release stated.
The investigation by ED was initiated based on an FIR lodged by Bharti Vidhyapeeth Station, Pune, against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others. The allegations revolved around duping and cheating individuals through Ponzi or multi-marketing schemes and forex trading platforms, accumulating over Rs 100 crore.
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The ED’s probe uncovered Vinod Khute as the alleged mastermind, suspected to be currently residing in Dubai. He is believed to be operating various illicit multi-level marketing and Ponzi schemes, along with engaging in illegal trading, crypto exchange, and wallet services through entities like VIPS Group of companies, Global Affiliate Business, Kana Capital, Real Gold Capital, and Phoenix FX.
The search operations revealed a network of distributors enticing the public into investing in bogus schemes. Funds were allegedly collected through shell entities, resulting in a complex web of transactions. These proceeds were then withdrawn as cash and transferred to Dubai via crypto assets or Hawala channels.
Earlier actions by the ED in this case included search operations and issuance of three provisional attachment orders, leading to the attachment of various bank balances and immovable properties belonging to Vinod Khute and his relatives in India and Dubai, totaling Rs 70.86 crore.
The ED stated that the investigation is ongoing, indicating further actions may follow in this case.
