Ponzi

2024

Bitcoin

The Mumbai Zonal Office of the Directorate of Enforcement (ED) searched many places in Kolhapur, Pune, and Nashik On May 2, 2024, under the Prevention of Money Laundering Act (PMLA), 2002.&nbsp; 
The search operations resulted in the freezing and seizure of cash, bank funds, fixed deposits, and jewelry valued at Rs. 5 crores along with damning documents and digital equipment. 
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 ED, Mumbai has conducted search operations on 02.05.2024, under PMLA, 2002 at various locations in Kolhapur, Pune and Nashik as part of ongoing probe in the case of bogus ponzi/multi level marketing schemes/illegal forex trading platforms namely VIPS Group of companies,…— ED (@dir_ed) <a href="https://twitter.com/dir_ed/status/1786368120162009131?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">May 3, 2024</a>
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This move is a component of an ongoing investigation into fraudulent multi-level marketing and ponzi schemes, as well as unlawful forex trading platforms run by Vinod Tukaram Khute and accomplices out of Dubai.&nbsp; 
The ED launched an investigation based on an FIR filed by Bharti Vidhyapeeth Station, Pune, against Vinod Khute and others for allegedly defrauding people of over Rs. 100 Crore through ponzi/multi-marketing schemes and forex trading platforms. 
Vinod, believed to be in Dubai, is suspected of orchestrating these illicit activities, including multi-level marketing, illegal trading, and crypto services through various entities. 
The search activities turned up a network of distributors who were tricking people into investing in illegitimate or fraudulent programs that Vinod Khute was helping to run. The money was raised through front companies, converted to virtual or cryptocurrency assets, or sent through Hawala networks before being siphoned off to Dubai. 
Prior to this, the ED had carried out search operations and issued three Provisional Attachment Orders, which led to the attachment of Vinod Khute and his relatives’ bank accounts and real estate worth Rs. 70.86 crore in India and Dubai. There is still more being looked into this situation. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/19/indian-authority-charges-raj-kundra-for-bitcoin-ponzi-scheme/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Indian Authority Charges Raj Kundra for Bitcoin Ponzi Scheme</a> 
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ED Raids Uncover Crypto Scam Involving Vinod Khute

The Crypto Times

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