Maharashtra ED Raids: ED strict in Ponzi scam of Rs 100 crore, raids at many places

Mumbai's Enforcement Directorate (ED) once again conducted raids in the Rs 100 crore Ponzi scam case. The investigating agency conducted search operations at several places in Pune, Nashik, and Kolhapur on Thursday. During this, raids were conducted on premises related to Ponzi schemes and illegal forex trading platforms run by businessman Vinod Tukaram Khute, his family members, and associates from Dubai.

During the search, ED found jewelry, bank deposits, and cash totaling Rs 5 crore. Along with other digital devices and documents that may be used as evidence, the seized money was also frozen.

The complaint that was filed at the Bharati Vidyapeeth station in Pune served as the basis for the investigation, according to the investigating agency. As per the complaint, Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitambar Anarase, Ajinkya Badadhe, and several others are accused of defrauding the general public by using forex trading platforms and Ponzi or multi-marketing schemes.

ED also said in its statement that the investigation has revealed that Vinod Khute, who is absconding, is probably currently living in Dubai. He is the mastermind of various illegal multi-level marketing and Ponzi schemes, illegal trading, crypto exchanges, Global Affiliate Business, Kana Capital, Real Gold Capital, Phoenix FX, and wallet services through VIPS.

A network of money collection and transactions through various fake entities has been exposed. This resulted in the withdrawal of funds and then transferring it to Dubai in crypto and virtual assets or through hawala channels. Earlier, in this case, ED conducted a search operation and issued three provisional attachment orders. This resulted in the attachment of various bank balances, and immovable properties of Vinod Khute and his relatives in India and Dubai worth Rs 70.86 crore. Further investigation is ongoing.