Bizman Vinod Khute’s ₹24.41 cr assets seized

MUMBAI: The Enforcement Directorate (ED)’S Mumbai Zonal Unit has provisionally attached assets worth ₹24.41 crore linked to a Dubai-based businessman, Vinod Khute, as part of its money- laundering probe related to an alleged ₹100 crore fraud case involving use of dubious financial schemes and forex trading to lure investors.

According to the ED sources, the attached assets are in the form of balances in 58 bank accounts amounting to ₹21.27 crore and deposits of ₹3.14 crore, according to ED sources. The attached assets belong to various individuals, entities, and firms that are allegedly used by Khute, who is the owner of the VIPS Group of Companies and Global Affiliate Business Company based in Pune, for laundering of proceeds of crime in the case, according to ED. Khute is absconding and suspected of living in Dubai, according to ED.

ED initiated an investigation based on a case filed by the Bharti Vidyapeeth police station in Pune, alleging cheating and conspiracy by Vinod Khute and others in ponzi schemes and forex trading. It claimed that they amassed over ₹100 crore through bogus firms, routing funds through shell companies and dummy accounts to conceal transactions. These funds were allegedly transferred to Dubai via hawala operators in exchange for cryptocurrency to evade scrutiny. Khute allegedly used the proceeds for personal expenses, business operations, and property acquisition in Dubai and India. Khute is accused of masterminding illegal trades, including crypto exchange and forex trading through Kana Capital Limited. Several companies, including VIPSWALLET Pvt Ltd, were allegedly established for illicit financial activities. ED has provisionally attached overseas assets worth ₹37.5 crore in Dubai, with total attachments in the case amounting to around ₹61.91 crore.