Mumbai: The Enforcement Directorate (ED) on June 20 carried out search operations at multiple locations in Maharashtra and Gujarat in connection with a Rs 100-crore ponzi-cum-illegal forex trading scam allegedly run by Dubai-based Vinod Tukaram Khute and his associates.
The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at premises in Kolhapur, Pune, Ahmednagar, and Surat. These locations are linked to Khute’s family members, close aides, and companies operating under the VIPS Group banner. The searches led to the seizure of incriminating documents, digital devices, and details of high-value immovable properties. Several bank accounts were also frozen, the agency said on Monday.
The money laundering case stems from an FIR registered at Bharati Vidyapeeth Police Station in Pune against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others. They are accused of cheating investors by promising exorbitant returns through multi-level marketing schemes, illegal forex trading, and other investment platforms.
Vinod Khute, currently residing in Dubai, is allegedly the mastermind behind multiple illicit businesses under the VIPS Group, including entities like M/s Global Affiliate Business, M/s Kana Capital, and Real Gold Capital.These entities are suspected to have operated illegal MLM networks, unregulated crypto exchanges, and wallet services.
According to the ED, Khute’s network used a web of shell companies to collect funds from unsuspecting investors, later layering the money through complex transactions. These funds were eventually siphoned off to Dubai either through cryptocurrency conversions or traditional hawala channels.
Earlier, the agency had provisionally attached movable and immovable assets worth Rs 75.42 crore, including bank balances, belonging to Khute and his relatives in India and Dubai. Associates targeted in the recent searches were found actively involved in luring the public into fraudulent investment schemes.
