MUMBAI: The Enforcement Directorate (ED) has seized Rs 18.5 crore, in the form of cash and bank balance, of Pune-based VIPS Group of Companies associated with Dubai-based entrepreneur-investor Vinod Khute for Foreign Exchange Management Act (Fema) violations.
Khute is allegedly engaged in illegal Ponzi scheme, crypto exchange and wallet services.
ED investigation has showed that VIPS Group collected Rs 125 crore investment through banking channels apart from cash from investors by promising high returns. This money was then moved out of the country through hawala channels and various shell companies.
The probing agency in a press release said that Global Affiliate Business, one of the companies run by Khute, has been running an illegal multi-level marketing scheme wherein it offers a commission to its members if they refer other consumers/ members.
The ED, during investigation, also found that Global Affiliate Business was also marketing the business of Kana Capital which was engaged in brokerage under which various clients trade forex, crypto and stocks.
The central agency further stated that funds to the tune of Rs 125 crore were collected using this modus.
TOI tried to contact the group on the number provided on its website, but no one responded.
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