Pune Ponzi Case : Mumbai ED Cracks Down on Pune-Based Businessman in Rs. 100 Crore Money Laundering Scandal
Pune Ponzi Case : Mumbai ED Cracks Down on Pune-Based Businessman in Rs. 100 Crore Money Laundering Scandal ( Representational Image )
Pune, 6 April 2024: The Enforcement Directorate (ED), Mumbai Zonal Office, has escalated its crackdown on financial malpractice, issuing a Provisional Attachment Order under the Prevention of Money Laundering Act (PMLA), 2002, targeting assets valued at Rs. 24.41 Crore allegedly linked to Vinod Khute, the proprietor of VIPS Group of Companies and M/s Global Affiliate Business in Pune.
The order encompasses movable assets including Rs. 21.27 Crore across 58 bank accounts and deposits amounting to Rs. 3.14 Crore. This development follows an investigation initiated by an FIR filed at the Bharti Vidyapeeth Police Station, Pune, implicating Vinod Tukaram Khute and associates in a multi-crore scam involving Ponzi schemes and forex trading.
ED’s inquiry revealed a sophisticated network of illicit financial activities orchestrated by Khute, who is currently believed to be residing in Dubai. The investigation traces the flow of funds through a web of shell companies and dummy accounts to obscure the origin and destination of transactions. Cryptocurrency, particularly USDT, was employed to circumvent regulatory scrutiny and facilitate cross-border money laundering, with funds allegedly used for personal enrichment and business operations, including property acquisitions in Dubai and India.
This latest action supplements a prior Provisional Attachment Order targeting overseas assets worth Rs. 37.50 Crore belonging to Vinod Khute, bringing the total attachment in the case to an imposing Rs. 61.91 Crore.
