The Enforcement Directorate (ED) has seized movable assets totaling Rs 24.41 crore belonging to Vinod Khute, a Dubai-based businessman associated with the VIPS Group and Global Affiliate Business company based in Pune. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
The attached assets include balances from 58 bank accounts totaling Rs 21.27 crore and deposits amounting to Rs 3.14 crore. These assets are linked to various individuals, entities, and firms connected to Vinod Khute and were allegedly used for layering proceeds of crime.
The ED's investigation stemmed from an FIR against Vinod Khute and others for running a Ponzi scheme and forex trading scheme under false pretenses, collecting over Rs 100 crore in the bank accounts of sham companies.
Vinod Khute, believed to be residing in Dubai, is accused of orchestrating illegal trade activities, including crypto exchange and forex trading, through a Dubai-based firm named Kana Capital Limited. He established multiple companies, including Vipswallet Pvt Ltd, Vipstrade Finance Private Limited, and others, for carrying out illicit financial transactions.
Funds collected from investors were allegedly routed through shell companies and dummy accounts to conceal their illicit nature. These funds were then transferred to Dubai through hawala operators in exchange for cryptocurrency to evade regulatory scrutiny and facilitate money laundering.
The ED stated that the proceeds of crime, exceeding Rs 100 crore as per the investigation, were utilized by Vinod Khute for personal expenses, managing his companies, and acquiring properties in Dubai and India.
Previously, the ED had provisionally attached overseas assets worth Rs 37.50 crore belonging to Vinod Khute in Dubai. With the recent seizure, the total attachment in the case stands at Rs 61.91 crore.
