ED seized cash, bank deposits and jewelery worth Rs 5 crore during the search operation. The seized money was frozen along with various incriminating documents and digital devices.
Mumbai’s Enforcement Directorate (ED) once again conducted raids in the Rs 100 crore Ponzi scam case. The investigating agency conducted search operations at several places in Pune, Nashik and Kolhapur on Thursday. During this, raids were conducted on premises related to Ponzi schemes and illegal forex trading platforms run by businessman Vinod Tukaram Khute, his family members and associates from Dubai.
Cash worth Rs 5 crore seized
ED seized cash, bank deposits and jewelery worth Rs 5 crore during the search operation. The seized money was frozen along with various incriminating documents and digital devices.
allegations against these people
The investigating agency said that the investigation was conducted on the basis of the complaint lodged at Bharati Vidyapeeth station in Pune. In the complaint, the allegation against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitambar Anarase, Ajinkya Badadhe and others is that they are defrauding the common people in the name of Ponzi or multi-marketing schemes and forex trading platforms.
This is the mastermind
ED also said in its statement that investigation has revealed that Vinod Khute, who is absconding, is probably currently living in Dubai. He is the mastermind of various illegal multi-level marketing and Ponzi schemes, illegal trading, crypto exchanges, Global Affiliate Business, Kana Capital, Real Gold Capital, Phoenix FX and wallet services through VIPS.
Revealing a network of money gathering and transactions
A network of money collection and transactions through various fake entities has been exposed. This resulted in the withdrawal of funds and then transferring it to Dubai in crypto and virtual assets or through hawala channels. Earlier in this case, ED conducted a search operation and issued three provisional attachment orders. This resulted in attachment of various bank balances, immovable properties of Vinod Khute and his relatives in India and Dubai worth Rs 70.86 crore. Further investigation is ongoing.