Vinod Khute, who controls VIPS Group of companies and Global Affiliate Business (GAB), has come under the scanner of the Enforcement Directorate (ED), with the sleuths carrying out searches at Pune and Ahmednagar on premises linked with him and his associates on charges of indulging in various illegal trade, crypto exchange and wallet services.
The ED said it has seized cash as well as bank balances amounting to Rs 18.54 crore during searches carried out on May 25. “Investigation conducted so far has revealed that more than Rs.125 Crore have been collected through banking channel as well as in cash, from various investors in the garb of investment for earning interest/ commission income,” the ED charged in an official statement issued on Friday.
The proceeds earned by the VIPS Group of companies by indulging in dubious business dealings were siphoned off through Hawala to various foreign countries, the ED officially stated. Khute is residing in Dubai, informed the ED.
According to the agency, Global Affiliate Business sells products through an e-commerce shopping portal, and its app by the same name is available on Google Play Store as well as Apple Store. “..It was revealed that M/s Global Affiliate Business has been running illegal and unauthorized multi level marketing schemes wherein if a person opts for the scheme as a member and refers other consumers/ clients to the application/ website, a commission on his investment/ expense on the application is credited in his account/ wallet,” the ED stated.
The company, in this manner, allegedly collected funds to the tune of ₹125 crore from various investors. The GAB has also been found to be marketing the business of M/s Kana Capital, engaged in brokerage for various clients dealing in trade forex, crypto, stocks etc.
M/s Kana Capitals in consultation with directors of VIPS Group of companies also conducted various weekly training programmes for clients of GAB for investments in VIPSWALLET and VIPSFINSTOCK for purchase of sale and purchase of crypto, stocks, and how to lure other clients into illegal and unauthorized multi level marketing schemes, the ED alleged.
Kunte, stated ED, recently floated M/s D Dhanashree Multi-State Co-op Credit Society Limited in Pune to allegedly lure investors in fake schemes wherein he was offering 2 percent to 4 per cent interest per month.