ED attaches Rs 24.41 crore assets of absconding Dubai-based VIPS Group owner Vinod Khute, under PMLA | India News

NEW DELHI: The Enforcement Directorate (ED) has seized movable assets of Vinod Khute, owner of VIPS Group, worth Rs 24 crore under the Prevention of Money Laundering Act (PMLA).
The central agency said that the assets include Rs 21.27 crore in 58 bank accounts and Rs 3.14 crore in deposits.
Khute who fled to Dubai is suspected of carrying out illegal activities such as crypto trading and forex through Kana Capital Limited.He set up multiple companies like VIPSWALLET Pvt. Ltd. and VIPS Securities for illicit financial operations.
The ED stated that funds were moved through shell companies to conceal their origin and transferred to Dubai using hawala channels and cryptocurrencies to avoid detection.
Vinod Tukaram Khute and associates were booked for cheating and luring people in Ponzi scheme & forex trading on the pretext of high returns. They collected more than Rs.100 Crore in the bank accounts of several fake firms. An FIR by one of victim at Bharti Vidyapeeth Police Station in Pune prompted ED to launch investigation.
Earlier, the ED had provisionally attached assets worth Rs 37.50 crore in Dubai linked to Vinod Khute and Global Affiliate Business, bringing the total attachment to Rs 61.91 crore.

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