What Happened in the Rs 100 Crore Ponzi Scam? ED's Asset Seizure in Pune and Surat
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Synopsis
The Enforcement Directorate has recently seized significant assets in a major investigation into Ponzi schemes and illegal forex trading, amounting to over Rs 100 crore. Find out how this extensive probe unveiled a complex network of deceitful operations and what actions are being taken against the masterminds behind this scam.
Key Takeaways
- ED's extensive searches across multiple cities.
- Seizure of assets worth crores in connection with the Ponzi scam.
- Involvement of Vinod Tukaram Khute as the mastermind.
- Fraudulent schemes promising exorbitant returns.
- Investigation ongoing under PMLA.
New Delhi, June 23 (NationPress) The Mumbai zonal office of the ED has seized assets valued at crores of rupees during extensive searches across multiple cities, including Kolhapur, Ahmednagar, Pune, and Surat, as part of an investigation into a Rs 100 crore Ponzi scheme and illicit forex trading, an official announced on Monday.
The Enforcement Directorate's searches, conducted on June 20, are part of an ongoing inquiry into fraudulent Ponzi and multi-level marketing schemes operated by the VIPS Group of companies, overseen by Vinod Tukaram Khute along with his family members and associates, as stated by an official.
During these operations, a variety of incriminating documents, immovable assets worth crores, digital devices, and bank funds were seized or frozen, according to the report.
Last May, the ED had executed similar searches under the Prevention of Money Laundering Act (PMLA), 2002, across various locations in Kolhapur, Pune, and Nashik, continuing their probe.
The fraudulent Ponzi and multi-level marketing schemes, which have faced action, include various entities such as VIPS Group of companies, Global Affiliate Business, Kana Capital, Real Gold Capital, and Phoenix FX, all operated by Vinod Tukaram Khute and his associates from Dubai.
During the search operations, authorities froze and seized cash, bank funds, fixed deposits, and jewellery worth approximately Rs 5 crore, along with numerous incriminating documents and digital devices.
The ED's investigation was initiated based on an FIR filed by Bharti Vidhyapeeth Station, Pune, against Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others for defrauding ordinary citizens through Ponzi and multi-level marketing schemes and forex trading platforms that promised exorbitant returns, collecting over Rs 100 crore.
The investigation has revealed that Vinod Khute, currently absconding and believed to be in Dubai, is the mastermind behind several illicit multi-level marketing and Ponzi schemes, as stated in the report.
The search operations uncovered a network of distributors who were enticing the public to invest in these fraudulent schemes and illegal trading activities, according to the ED.
Funds were being collected through various fraudulent shell companies, layered within a complex web of transactions, ultimately leading to cash withdrawals and siphoning off to Dubai via conversion into crypto or virtual assets or through Hawala channels, the ED reported.
Point of View
It is our responsibility to shed light on the pressing issue of financial fraud. The recent actions taken by the Enforcement Directorate serve as a warning to those who exploit the trust of ordinary citizens. Our commitment remains to provide accurate information and support the fight against financial crime.
NationPress
23/06/2025
Frequently Asked Questions
What is the Rs 100 crore Ponzi scam about?
The Rs 100 crore Ponzi scam involves fraudulent multi-level marketing schemes and illegal forex trading orchestrated by the VIPS Group, led by Vinod Tukaram Khute and his associates.
What actions has the ED taken in this case?
The Enforcement Directorate has conducted searches across multiple cities, seizing assets, documents, and funds linked to the Ponzi scheme.
Who is Vinod Tukaram Khute?
Vinod Tukaram Khute is identified as the mastermind behind the Ponzi schemes and is currently absconding, believed to be in Dubai.
How much money has been defrauded from victims?
Victims have collectively lost over Rs 100 crore due to the deceptive schemes promoted by Khute and his associates.
What are Ponzi schemes?
Ponzi schemes are investment scams that promise high returns with little risk to investors, typically paying returns to earlier investors using the capital from newer investors.
