The Enforcement Directorate (ED) has attached movable assets valued at Rs 24.41 crore belonging to various individuals, entities, and firms associated with the absconding accused Vinod Khute, who is the owner of the VIPS Group of Companies and the Global Affiliate Business company based in Pune, according to the agency’s Friday announcement.
The assets, as reported by the Enforcement Directorate (ED), consist of balances in 58 bank accounts totaling Rs 21.27 crore and deposits amounting to Rs 3.14 crore. The ED’s Mumbai Zonal Office has acted in accordance with the Prevention of Money Laundering Act (PMLA) of 2002.
The Enforcement Directorate (ED) launched an investigation following First Information Reports (FIRs) filed by Bharti Vidyapeeth Police Station, Pune, under various sections of the Indian Penal Code. The FIRs were against Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others unknown for defrauding the public and orchestrating a criminal conspiracy. They enticed people with a Ponzi scheme and forex trading, promising high returns, and consequently amassed over Rs 100 crore in the accounts of numerous fictitious and fraudulent firms, entities, and companies.
The probe agency’s investigation has uncovered that Vinod Khute, currently absconding and believed to be residing in Dubai, is the key figure behind a range of illicit activities, including crypto exchange, wallet services, and forex trading, all operated through the Dubai-based company, Kana Capital Limited.
The investigation uncovered that Vinod Khute founded several firms, such as VIPSWALLET Pvt. Ltd., VIPSTRADE Finance Private Limited (VTFPL), Kana Capitals Limited, Global Affiliate Business (GAB), VIPS Securities, and VIPS Properties, among others, to engage in unauthorized financial operations.
“Further, funds were collected from investors and routed through shell companies and dummy accounts to conceal the illicit nature of the transactions,” stated the ED in a statement.
“Later, funds were transferred out of India to Dubai through hawala operators, in exchange for cryptocurrency such as USDT, to evade regulatory scrutiny and facilitate money laundering. The proceeds of crime (more than Rs 100 crore quantified as per the investigation conducted so far) have been utilized by Vinod Khute for his personal use, running day-to-day affairs of his companies, acquiring properties in Dubai as well as in India, etc.”
The Enforcement Directorate recently issued a provisional attachment order under the PMLA, 2002, securing overseas assets in Dubai valued at Rs 37.50 crore owned by Vinod Khute and Global Affiliate Business. The cumulative attachment in this case has reached Rs 61.91 crore.