Surat: The Mumbai unit of the Enforcement Directorate (ED) carried out search operations at various locations in Gujarat and Maharashtra as part of an ongoing probe into a case involving bogus Ponzi schemes, multi-level marketing, and illegal forex trading platforms operated under the name VIPS Group of Companies by Vinod Tukaram Khute, his family members, and associates, the agency announced on Monday.

The searches were conducted on June 20 under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Kolhapur, Surat, Ahmednagar, and Pune. During the course of the operations, the ED seized/froze various incriminating documents, digital devices, bank funds, and details of immovable assets worth crores of rupees.

ED initiated investigation on the basis of FIR registered by Bharti Vidhyapeeth Police Station, Pune against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe and others for duping/cheating common people in the name of ponzi/ multi level marketing schemes and forex trading platforms promising exorbitant returns and collected more than Rs. 100 Crore.

Vinod Khute residing in Dubai, is the mastermind of various illicit multi-level marketing and ponzi schemes, illegal trading, crypto exchange, wallet services through VIPS Group of companies, M/s.Global Affiliate Business, M/s. Kana Capital, Real Gold Capital etc..

The search operations were conducted on the associates of Vinod Khute who were involved in enticing and luring common public into investing in bogus/illicit schemes/illegal trading and activities of Vinod Khute. Funds collected through various bogus/shell entities were layered and ultimately withdrawn through cash and siphoned off to Dubai by conversion to Crypto/virtual assets or through Hawala channels.

ED earlier in this case has conducted search operations and issued Provisional Attachment Orders resulting into attachment/freezing of various bank balances, movable assets, immovable properties of Vinod Khute and his relatives/associates in India and Dubai amounting to Rs. 75.42 Crore. Further investigation is under progress. DeshGujarat