ED raids Maharashtra cities in ₹100 Crore Ponzi scam
- In Reports
- 12:57 PM, May 04, 2024
- Myind Staff
ED carried out raids and search operations at various locations in Maharashtra, such as Pune, Nashik, and Kolhapur, as part of a money-laundering investigation linked to Ponzi schemes worth 100 crores and illegal forex trading platforms. These schemes and platforms are allegedly operated by businessman Vinod Tukaram Khute, along with his family members and associates based in Dubai.
The probe agency filed an FIR in October 2023 at Pune's Bharti Vidyapeeth police station against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber, Ajinkya Badadhe, and others. They were charged with duping and cheating individuals through Ponzi or multi-marketing schemes and forex trading platforms, promising substantial returns and amassing over ₹100 crore.
The press statement disclosed that the probe has unveiled Vinod Khute, who is currently absconding and believed to be in Dubai, as the 'mastermind' behind the illicit investment scam. He allegedly operated through platforms such as VIPS Group of Companies, Global Affiliate Business, Kana Capital, Real Gold Capital, and Phoenix FX.
The search operations revealed a network of distributors enticing the public into investing in illicit schemes and illegal trading activities linked to Vinod Khute. Funds were collected through bogus entities and routed through complex transactions, ultimately withdrawn as cash and transferred to Dubai via crypto, virtual assets, or Hawala channels.
Previously, the probe agency issued three provisional attachment orders, attaching various bank balances and immovable properties belonging to Vinod Khute and his relatives in India and Dubai. The total value of the attached assets amounts to ₹70.86 crore.
In a related money-laundering investigation connected to a ₹6,600-crore bitcoin-based Ponzi scheme, the probe agency has provisionally attached assets valued at ₹97.79 crore owned by businessman Raj Kundra. These assets include a flat in Juhu registered under the name of Bollywood actor and Kundra's wife, Shilpa Shetty.
According to sources within the ED, Raj Kundra allegedly received 285 bitcoins, valued at around ₹150 crore, from the deceased mastermind Amit Bhardwaj. This transaction was purportedly for a failed Bitcoin mining project in Ukraine.
Image source: Hindustan Times
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