The Enforcement Directorate (ED) has frozen assets worth Rs 24.41 crore belonging to Vinod Khute, the owner of VIPS Group based in Dubai and Global Affiliate Business in Pune. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
Vinod Khute and others are accused of running a ponzi scheme and forex trading scam promising high returns. They allegedly collected over Rs 100 crore through various sham firms and bank accounts. Investigations revealed that Khute is believed to be in Dubai, where he is suspected of running illegal activities including crypto exchanges and forex trading through Kana Capital Limited.
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The ED stated that funds were gathered from investors and moved through shell companies and fake accounts to hide the illicit nature of the transactions. These funds were then sent out of India to Dubai using hawala operators, often converting them to cryptocurrencies like USDT to avoid detection.
The agency disclosed that the funds (more than Rs 100 crore) were allegedly used by Khute for personal expenses, running his companies, and buying properties in Dubai and India. Earlier, the ED had also frozen overseas assets in Dubai worth Rs 37.50 crore belonging to Vinod Khute, bringing the total attachment in the case to Rs 61.91 crore.
The investigation continues into the alleged fraudulent activities of Vinod Khute and others involved, focusing on their elaborate scheme to deceive investors and launder money through various channels.
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