The Economic Offences Wing (EOW) of Pune City police is investigating allegations of a Rs 100 crore ($1.3 billion) fraud and illegal money transfers against the VIPS Group and Global Affiliate Business. The investigation follows a series of searches conducted by the Enforcement Directorate (ED) related to Foreign Exchange Management Act (FEMA) violations earlier this year.
The ED's searches, conducted on May 25, June 16, and 17 in Pune and Ahmednagar, implicated five individuals in the alleged fraud. Named in an FIR lodged at Bharti Vidyapeeth police station are Vinod Tukaram Khute, Santosh Tukaram Khute, Mangesh Khute, Kiran Pitambar Anarse, Ajinkya Badadhe, along with unidentified accomplices. The accused are believed to have been running a Ponzi scheme since 2020, promising investors monthly returns of two to three percent and high returns on forex trading before transferring funds abroad through illegal channels.
Vinod Khute is reportedly based in Dubai, adding an international element to the case. The Pune police are now urging defrauded investors to come forward as they continue their investigation into the alleged fraud and hawala transactions. The case represents one of the most significant financial fraud investigations currently underway in India, with potential implications for investor confidence and regulatory oversight.
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