The Enforcement Directorate (ED) has taken action in a money laundering case related to an investment scam, attaching properties worth Rs 8.98 crore owned by individuals associated with Dubai-based businessman Vinod Khute. Khute, who is currently absconding and suspected to be residing in Dubai, faces allegations of orchestrating fraudulent schemes.
This move by the ED follows the attachment of movable assets worth Rs 24.41 crore from Khute, the proprietor of VIPS Group and Global Affiliate Business Company based in Pune, under the Prevention of Money Laundering Act (PMLA). Additionally, overseas assets belonging to Khute worth Rs 37.50 crore were attached by the agency in March.
The properties recently attached by the ED's Mumbai Zonal Office include five residential flats, two multipurpose halls, two office spaces in Pune, and a land parcel spanning two hectares in Ahmednagar district, Maharashtra.
Vinod Khute, along with other accused individuals, namely Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others whose identities remain unknown, face charges of cheating and criminal conspiracy. They allegedly enticed investors into a Ponzi scheme and forex trading with promises of high returns, amassing over Rs. 100 crores through various fraudulent means.
Investigations revealed Khute's involvement as the mastermind behind illicit trades, cryptocurrency exchanges, wallet services, and forex trading operations conducted through a Dubai-based entity. Multiple companies within the VIPS group were reportedly established to facilitate unlawful financial activities.
The illegally acquired funds were purportedly transferred out of India to Dubai via hawala channels, often converted into cryptocurrency to evade regulatory scrutiny and facilitate money laundering.
A significant portion of the laundered funds, amounting to Rs. 100 crore, was allegedly utilized by Khute for personal expenses, business operations, and property acquisitions in both Dubai and India.
With this recent attachment, the total value of properties seized in connection with this case amounts to Rs. 70.89 crore, underscoring the scale and complexity of the alleged financial irregularities associated with Vinod Khute and his associates.
