ED attaches assets worth ₹24 crore of absconding owner of VIPS Group
The Enforcement Directorate (ED) has provisionally attached assets worth over ₹24 crore of businessman Vinod Khute, owner of VIPS Group of companies and Global Affiliate Business company, who is absconding and suspected to be residing in Dubai.
The attached assets, spread across 58 bank accounts, amount to ₹21.27 crore along with deposits of ₹3.14 crore, totalling ₹24.41 crore, the ED authorities of the Mumbai zonal office said in a release issued on Friday.
The agency has issued the provisional attachment order under provisions of the Prevention of Money Laundering Act (PMLA) by attaching the movable assets of various individuals, entities, and firms that are
Businessman, who is suspected to be residing in Dubai, accused of hatching conspiracy to lure people to invest in a Ponzi scheme
used by Mr. Khute for the purpose of layering of the proceeds of the crime.
“The ED had initiated investigation on the basis of the FIR registered at the Bharti Vidyapeeth police station in Pune under various sections of the Indian Penal Code against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and unknown others for cheating common people and hatching a criminal conspiracy to lure common people in a Ponzi scheme and forex trading on the pretext of high returns. Thereby, they collected more than ₹100 crore in the bank accounts of several bogus, sham firms, entities, and companies,” an ED official said.
The investigation has revealed that Mr. Khute is the alleged mastermind behind various illegal trade, cryptoexchanges, wallet services, and forex trading through Kana Capitals Limited, a Dubaibased firm.
“Investigation has revealed that Vinod Khute established multiple companies, including VIPSWALLET Pvt. Ltd., VIPSTRADE Finance Private Limited, Kana Capitals Limited, Global Affiliate Business, VIPS Securities, and VIPS Properties, among others, to carry out illicit financial activities. Further, funds were collected from investors and routed through shell companies and dummy accounts to conceal the illicit nature of the transactions. Thereafter, funds were transferred out of India to Dubai through hawala operators, in exchange for cryptocurrency to evade regulatory scrutiny and facilitate money laundering,” the ED official said.
The proceeds of crime, which are over ₹100 crore, quantified as per the investigation conducted so far, have been utilised by Mr. Khute for his personal use, running the daytoday affairs of his companies, and acquiring properties in Dubai as well as in India.
Earlier, the ED had issued a similar order attaching assets in Dubai worth ₹37.50 crore belonging to Mr. Khute. “Total attachment in this case now stands at ₹61.91 crore. Further investigation is under progress,” the ED official said.