Mumbai: A special PMLA court has issued summons to Pune-based businessman Vinod Khute and eight others in a money laundering case linked to an alleged ₹100 crore Ponzi and illegal forex trading racket.
The Enforcement Directorate (ED) alleged that Khute, director of VIPS Wallet Pvt Ltd and VIPS Trade Finance Pvt Ltd, collected money from investors since 2020 by promising monthly returns of 2-3% and commissions for enrolling new members. According to the ED, the accused promoted a Dubai-based firm, Kana Capital, as a forex trading platform through online presentations and virtual meetings.
Investors were allegedly cheated after the platform shut down. The agency claimed funds were transferred abroad through hawala channels and used for personal enrichment. The ED further alleged that several firms operated without mandatory RBI licences and public funds were collected directly into company accounts instead of escrow accounts.
The defence argued that the businesses were legitimate MLM and real estate ventures. However, the court observed that there was prima facie material to proceed against the accused.
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