Investors Duped For Over Rs 100 Crore In Ponzi Scheme, ED Lodges Case With Pune City Police
Pune 10th Oct 2023: In a major crackdown, the Enforcement Directorate (ED) has filed a cheating fraud case against Vinod Khute, an alleged entrepreneur associated with the VIPS Group of Companies. The ED has lodged a case against five individuals at the Bharti Vidyapeeth Police Station on Monday, including Vinod Tukaram Khute, Santosh Tukaram Khute, Mangesh Khute, Kiran Pitambar Anarse, and Ajinkya Baddhe. The accused have been charged under sections 420, 471, 34, and 120B of the Indian Penal Code (IPC) for their involvement in a scam that unfolded between 2020 and October 2023.
According to the police, the accused lured investors through various schemes run by the VIPS Group of Companies and Global Affiliate Business. They promised monthly returns of 2 to 3 percent to the investors and managed to defraud them of more than Rs 100 crore. The fraudsters operated a Ponzi scheme, encouraging people to invest in Forex trading through their company, Kana Capital. To attract investors, they conducted online training programs and offered attractive incentives.
The accused, led by Vinod Khute, established several shell companies where they encouraged people to invest. Under the guise of Forex trading, they collected funds in bogus bank accounts. The unsuspecting investors were promised high returns and were further duped into investing more money. After a few days of Forex trading, the Kana Capital Company abruptly shut down and the illegally acquired funds were transferred abroad through unauthorized channels.
Assistant Director of the Enforcement Directorate Ratnesh Kumar Bhuvaneswarlal Karn has filed the case at the Bharti Vidyapeeth Police Station in the matter. The investigation revealed a complex web of financial deceit, leading to the defrauding of thousands of investors. Further investigation of the case has been handed over to the Economic Offence wing of Pune City Police.
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