Did ED Uncover a Multi-Thousand Crore ‘Cloud Particle Scam’ by Vuenow Group?
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Synopsis
The ED's recent raids on Vuenow Group reveal a complex web of deceit surrounding a bogus cloud leasing scheme, raising questions about the integrity of financial operations in India. With significant assets seized, this case underscores the urgent need for regulatory vigilance.
Key Takeaways
- ED raids involved 10 locations across three states.
- Investigation reveals a fictitious cloud leasing model.
- Significant assets have been seized, totaling Rs 73.72 crore.
- Multiple arrests have been made in connection with the scam.
- Ongoing investigations may lead to further developments.
New Delhi, Aug 15 (NationPress) The Directorate of Enforcement (ED) executed search operations on August 14 at 10 locations, both residential and commercial, across Punjab, Haryana, and Maharashtra, as part of an investigation into a money laundering case involving the Vuenow Group of companies, including Vuenow Infratech Limited, its director Rahul Anand Bhargav, and related entities.
This action was initiated under the Prevention of Money Laundering Act (PMLA), 2002. The inquiry follows multiple FIRs filed by the Gautam Budh Nagar (Noida) Police and the Punjab Police under the relevant provisions of the Bharatiya Nyaya Sanhita (BNS), 2023.
Investigations have indicated that the CEO and founder of Vuenow Group, Sukhwinder Singh Kharour, allegedly colluded with other parties to orchestrate a multi-thousand crore rupee ‘Cloud Particle Scam’. This scheme, purportedly based on a sale-and-leaseback (SLB) model involving cloud particles, was discovered to be largely fictitious.
Officials found that the company had very few clients for its cloud leasing operations and had not generated any real rental income from its data center services. Instead, the model appeared to operate as a money rotation scheme. Following the initiation of the ED investigation, Vuenow reportedly ceased rent payments to investors due to a lack of new investments and legitimate clients.
During the searches, officials seized Rs 23.90 lakh in cash, various electronic devices, incriminating documents, and froze shares valued at Rs 63.49 crore and properties worth Rs 9.99 crore. In total, assets amounting to Rs 73.72 crore were frozen or seized. This is not the first enforcement action taken against the group.
Previous searches conducted on November 26, 2024, January 17, 2025, and February 24, 2025, resulted in the attachment of properties worth approximately Rs 178.12 crore under a provisional order dated February 6, 2025.
The ED has already arrested Sukhwinder Singh Kharour, Dimple Kharour (February 28, 2025), and Arif Nisar (February 24, 2025). All individuals remain in judicial custody.
A prosecution complaint against them and related parties was submitted to the PMLA Special Court on April 24, 2025. Further investigations are ongoing.
Point of View
It’s essential to stress that while the allegations against Vuenow Group are serious, the integrity of the investigative process must be upheld. The ED's actions highlight the need for transparency and accountability in corporate operations. The Nation stands firm in advocating for justice while ensuring fair treatment for all involved.
NationPress
08/10/2025
Frequently Asked Questions
What prompted the ED's investigation into Vuenow Group?
The investigation was initiated following multiple FIRs filed by Gautam Budh Nagar and Punjab Police, alleging money laundering activities involving the Vuenow Group.
What were the findings of the investigation?
Investigators found that the Vuenow Group operated a fictitious cloud leasing model with minimal genuine clients, functioning as a money rotation scheme.
What actions has the ED taken against Vuenow Group?
The ED has conducted multiple searches, seized significant assets, and arrested key individuals linked to the Vuenow Group.
What will happen next in this case?
Further investigations are ongoing, and a prosecution complaint has already been filed against the accused in the PMLA Special Court.
How much money has been seized in this operation?
The ED has seized or frozen assets worth approximately Rs 73.72 crore in connection with the Vuenow Group investigation.
