ED seized ₹37.5 crore assets from an Indian businessman

The ED has accused Vinod Khute, an Indian businessman of scamming and plotting a criminal conspiracy to lure individuals into a Ponzi scheme and FX trading. Vinod Khute is a founder of the Pune-based VIPS Group of Companies and Global Affiliate Business Company.

According to sources, the Enforcement Directorate (ED) has attached abroad assets worth Rs 37.50 crore. He has many flats worth Rs 37.50 crore in Dubai, which are among the associated assets. The Enforcement Directorate also discovered that Vinod Khute is behind several criminal activities, including crypto exchange, wallet services, and forex trading via the Dubai-based firm Kana Capital Limited.

“Funds were collected from investors and funneled through shell companies and dummy accounts to conceal the illicit nature of the transactions. Subsequently, these funds were transferred out of India to Dubai via hawala operators, exchanging cryptocurrency like USDT to evade regulatory scrutiny and facilitate money laundering,” a statement by the probe agency stated.

ED initiated an investigation-based FIR registered by Bharti Vidyapeeth Police. Station, Pune under various sections of the Indian Penal Code, 1860 against Vinod Tukaram Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and other unknown persons.

About ED

The Directorate of Enforcement or the ED is a multi-disciplinary organization mandated with investigation of economic crimes and violations of foreign exchange laws. The origin of this Directorate goes back to 1st May 1956, when an ‘Enforcement Unit’ was formed in the Department of Economic Affairs for handling Exchange Control law violations under the Foreign Exchange Regulation Act, 1947 (FERA 47).

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