ED cracks down on Pune ponzi kingpin, seizes Rs 24.41 cr in bank accounts

New Delhi: The Enforcement Directorate has issued a ‘provisional attachment order’ attaching movable assets worth Rs 24.41 crore of various individuals, entities and firms which are used by Vinod Khute, owner of the Pune-based VIPS Group of Companies and Global Affiliate Business Company, in an alleged money laundering case, an official said on Friday.

According to ED, the attached assets, under the provisions of the Prevention of Money Laundering Act (PMLA) of 2022, are in the form of balance in 58 bank accounts amounting to Rs 21.27 crore and deposits of Rs 3.14 crore.

The probe agency has commenced an investigation following an FIR lodged by the Bharti Vidyapeeth Police Station in Pune. The FIR, filed under various sections of the Indian Penal Code, 1860, implicates Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and unidentified others.

They are accused of deceiving individuals and conspiring to entice them into a Ponzi scheme and forex trading with promises of high returns. This resulted in the collection of over Rs 100 crore in the bank accounts of numerous fraudulent firms and entities.

“ED investigation revealed that Vinod Khute who is absconding and suspected to be presently residing in Dubai, is the mastermind of various illegal trade, crypto exchange, wallet services, and forex trading through Dubai-based firm M/s Kana Capital Limited,” said ED in a statement issued on Friday.

Investigation has revealed that Vinod Khute established multiple companies, including VIPSWALLET Pvt Ltd, VIPSTRADE Finance Private Limited, Kana Capitals Limited, 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 such as USDT, to evade regulatory scrutiny and facilitate money laundering,” the ED said.

The probe agency further said that the proceeds of crime (more than Rs 100 crore quantified as per the investigation conducted so far) have been utilised by Vinod Khute for his personal use, running day-to-day affairs of his companies, acquiring properties in Dubai as well as in India, etc.

Earlier, ED had issued a Provisional Attachment Order under the provisions of the PMLA, 2002 attaching overseas assets located in Dubai worth Rs 37.50 crore belonging to Vinod Khute. The total attachment in this case now stands at Rs 61.91 Crore.