Daijiworld Media Network - Mumbai

Mumbai, Jun 23: The Enforcement Directorate (ED) has seized immovable assets, digital devices, and frozen bank accounts across multiple cities as part of a sweeping crackdown on a Rs 100 crore scam involving Ponzi schemes and illegal forex trading, officials said on Monday.

The Mumbai Zonal Office of the ED conducted raids on June 20 across Kolhapur, Ahmednagar, Pune, and Surat in connection with fraudulent investment platforms linked to the VIPS Group of Companies, operated by Vinod Tukaram Khute, his family members, and close associates.

During the searches, the ED uncovered a wide range of incriminating documents, along with immovable properties valued in crores, and seized digital evidence and bank funds tied to the illegal operations.

This is the latest in a series of actions under the Prevention of Money Laundering Act (PMLA), 2002. In May last year, the agency had carried out similar raids across Kolhapur, Pune, and Nashik, freezing cash, jewellery, bank balances, and fixed deposits worth around Rs 5 crore.

The fraudulent schemes were run under the names of VIPS Group, Global Affiliate Business, Kana Capital, Real Gold Capital, and Phoenix FX. These entities, authorities said, lured investors with the promise of exorbitant returns through multi-level marketing (MLM), Ponzi structures, and unauthorized forex trading platforms.

According to the ED, the entire operation was masterminded by Vinod Khute, who is currently absconding and believed to be residing in Dubai. He and his network allegedly ran a sophisticated racket involving shell companies, fraudulent trading, and multi-city distribution networks to entice common citizens into investing.

The agency said Khute’s group used an elaborate system of shell firms to collect and layer funds, making tracing the money trail complex. The proceeds of crime were then withdrawn in cash and allegedly transferred to Dubai through hawala channels or converted into cryptocurrency or virtual assets.

The investigation stems from an FIR filed by the Bharti Vidyapeeth Police Station in Pune, which named Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, and Ajinkya Badadhe, among others, for cheating hundreds of people under the guise of high-return investment opportunities.

The ED confirmed that the searches exposed a broad network of distributors and middlemen responsible for duping investors, expanding the probe into money laundering, illegal forex dealings, and fraudulent investment schemes with international links.

Authorities said efforts are ongoing to trace the absconding mastermind, dismantle the entire financial network, and secure justice for the victims of the scam.