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Mumbai: The Enforcement Directorate (ED) conducted raids in several cities of the Maharashtra in connection with the Rs 100 crore Ponzi scam case. The investigating agency conducted searches at several places in Pune, Nashik and Kolhapur on Thursday. During this, raids were conducted at locations related to Ponzi schemes, illegal foreign exchange trading platforms run by businessman Vinod Tukaram Khute, his family members and Dubai associate.
ED seized cash, bank fund, fixed deposit and jewelery and freeze them with various objectionable documents and digital devices during the search operation. According to a release of ED, he started investigating on the basis of an FIR registered by Bharti University station.
This action was done against Vinod Khude, Satisfaction Khude, Mangesh Khude, Kiran Pitamar Pitamic Pitamic, Ajinkya Badra and others. Against them, there is a charge of deceiving common people in the name of Ponji or Multi-Marketing Schemes and Forex Trade Platforms. Promising highly returns against them is a matter of collecting more than 100 crore rupees.
ED investigation revealed that Vinod Khute, who is absconding and suspiciously currently residing in Dubai, is the mastermind of various illegal multi-level marketing and Ponzi schemes, illegal trading, crypto exchange through VIPS Group Company. The search operation revealed a network of distributors who used to lure the general public to invest in fake, illegal schemes, illegal trading and activities of Vinod Khute.
A complex web of collection and transactions of funds through various fake entities was revealed. This resulted in the withdrawal of funds and then transferring it to Dubai in crypto and virtual assets or through hawala channels. Earlier, ED conducted search operations in this case and issued 3 provisional attachment orders. This resulted in attachment of various bank balances, immovable properties of Vinod Khute and his relatives in India and Dubai worth Rs 70.86 crore. ‘Further investigation is underway.
