ED Raids In Pune, Kolhapur, Surat, Ahmednagar In ₹100 Crore Ponzi Scheme Linked To VIPS Group
ED Raids In Pune, Kolhapur, Surat, Ahmednagar In ₹100 Crore Ponzi Scheme Linked To VIPS Group
The Enforcement Directorate (ED) has carried out searches in Pune, Kolhapur, Ahmednagar, and Surat as part of an investigation into a money laundering case involving the VIPS Group of Companies. The action is linked to an alleged Ponzi scheme and illegal forex trading operations run by Vinod Tukaram Khute, his family, and close associates.
During the raids, officials seized several documents, digital devices, and information related to properties worth crores. Bank accounts were also frozen.
The investigation began after a police complaint was filed at the Bharti Vidyapeeth Police Station in Pune. The complaint accused Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Anarase, Ajinkya Badadhe, and others of cheating people by promising huge profits through fake investment plans and forex platforms. Over ₹100 crore was reportedly collected from investors.
According to the ED, Vinod Khute, who is currently in Dubai, is believed to be the main person behind several illegal financial operations. These include multi-level marketing scams, unregistered trading platforms, cryptocurrency services, and fake online wallets run under names like VIPS Group, Global Affiliate Business, Kana Capital, and Real Gold Capital.
The agency said Khute’s team encouraged people to invest in these false schemes. The money collected was then funneled through fake companies and eventually transferred to Dubai—either by converting it into cryptocurrency or using illegal hawala routes.
In earlier actions, the ED had also seized and attached properties, bank accounts, and other assets in India and Dubai worth over ₹75 crore connected to Khute and his associates.
