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The Directorate of Enforcement (ED) Mumbai conducted search operations at several locations in Pune, Nashik and Kolhapur on Thursday, in connection with the ongoing probe against ponzi schemes and illegal forex trading platforms operated by businessman Vinod Tukaram Khute, his family members and associates from Dubai.
“During the search operation, cash, bank funds, fixed deposits and jewellery to the tune of Rs 5 crore were sized and frozen along with various incriminating documents and digital devices,” stated an ED press release on Friday.
ED had lodged an FIR in this case, in October 2023, at Bharti Vidyapeeth police station in Pune against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber, Ajinkya Badadhe and others.
The FIR stated, “The accused persons entered a criminal conspiracy from the year 2020 to run a ponzi scheme for which they lured common investors offering them two to three per cent returns per month on their investment. The suspects, through another company, lured more investors with promises of high returns on forex trading. The suspects then closed the company operations and funds they amassed from investors were parked in foreign countries by way of hawala transactions. The suspects have cheated investors to the tune of Rs 100 crore.”
As stated in the press release issued Friday, ED investigation in this case has revealed that Vinod Khute, who is absconding and suspected to be in Dubai, is the ‘mastermind’ of the alleged investment scam carried out through his platforms like VIPS Group of Companies, Global Affiliate Business, Kana Capital, Real Gold Capital and Phoenix FX.
The press release further stated that search operations unveiled a network of distributors who enticed the common public into investing into bogus/illicit schemes/ illegal trading activities of Vinod Khute. “Funds were collected through various shell entities, with a complex web of transactions ultimately resulting in withdrawal of proceeds into cash and then siphoning them off to Dubai by conversion of crypto/virtual assets or through hawala channels,” it is stated.
“Earlier in this case, ED has conducted search operations and issued 3 provisional attachment orders resulting in seizing various bank balances, immovable assets of Vinod Khute and his relatives in India and Dubai amounting to Rs 70.86 crore. Further investigation is on,” as stated in the press release.
