In a major crackdown on financial fraud, the Enforcement Directorate (ED) conducted roads across three cities in Maharashtra on Thursday, May 2nd. The raids targeted the VIPS Group of Companies and its associates, allegedly involved in a Rs 100 crore Ponzi scheme.
According to the ED, the mastermind behind the scam is businessman Vinod Khute, who is currently absconding. Authorities suspect Khute to be operating from Dubai. The ED alleges that Khute, through his companies like Global Affiliate Business, Kana Capital, Real Gold Capital, and Phoenix FX, lured unsuspecting investors with promises of high returns on investments and participation in illegal forex trading platforms.
The raids, which took place in Pune, Nashik, and Kolhapur, resulted in the seizure of crucial evidence. This included cash, bank deposits, fixed deposits, jewellery, and incriminating documents. The ED press release stated that the investigation revealed a network of distributors who actively solicited the public to invest in Khute’s bogus schemes.
Sources close to the investigation revealed that Khute allegedly collected over Rs 100 crore through various shell companies and entities. These funds were then reportedly used for personal expenses, running his companies, and acquiring properties in Dubai and India.
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The ED initiated its probe based on a First Information Report (FIR) registered by the Bharti Vidyapeeth Police Station in Pune. The FIR lodged complaints of cheating and criminal conspiracy against Vinod Khute, his family members, and associates. The ED’s swift action has disrupted the alleged illegal activities and provided some relief to the victims. However, authorities continue their investigation to track down Vinod Khute and expose the entire network involved in the scam. This will ensure that those responsible are held accountable and justice is served.
