The Enforcement Directorate (ED) has provisionally attached assets worth more than ₹24 crore used by businessman Vinod Khute, owner of VIPS Group of Companies and M/s Global Affiliate Business company.
The documents of the attached assets are spread across 58 bank accounts amounting to ₹21.27 crore along with deposits of ₹3.14 crore worth a total of ₹24.41 crore, according to ED authorities of Mumbai zonal office in a release issued on Friday.
The Central probe 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 used by Mr. Khute for the purpose of layering of the proceeds of the crime.
“The ED has initiated investigation on the basis of FIR registered by Bharti Vidyapeeth police station in Pune under various sections of Indian Penal Code against Vinod Tukaram 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,” the ED officials said.
The investigation has revealed that Mr. Khute, who is absconding and suspected to be presently residing in Dubai, is the alleged mastermind behind various illegal trade, crypto-exchanges, wallet services, forex trading through Dubai-based firm M/s Kana Capitals Limited.
“Investigation has revealed that Vinod Khute established multiple companies, including M/s VIPSWALLET Pvt. Ltd., M/s VIPSTRADE Finance Private Limited (M/s VTFPL), M/s Kana Capitals Limited, M/s Global Affiliate Business (GAB), 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 day-to-day affairs of his companies, acquiring properties in Dubai as well as in India, etc.
Earlier, the ED issued a similar attachment order attaching overseas 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.
