Rs 100 Crore Fraud: Pune’s VIPS Group Faces ED Action, Director Absconds to Dubai

Pune, 7th April 2024: The Enforcement Directorate (ED) has taken decisive action against the Pune-based VIPS Group of Companies, seizing assets valued at Rs 24 crore 41 lakh. This move comes in the wake of a staggering Rs 100 crore fraud perpetrated by the company, promising investors excessive returns on their investments. Notably, the director of the company, Vinod Khute, has reportedly absconded to Dubai.

ED Assistant Director Ratnesh Kumar Karn filed a complaint at the Bharti Vidyapeeth Police Station, leading to a case being registered against Vinod Tukaram Khute, Santosh Tukaram Khute, Mangesh Khute, Kiran Pitambar Anarse, Ajinkya Badghe, and other associates of the ‘VIPS’ company. The scheme, orchestrated by Vinod Khute and his accomplices, duped investors with promises of high returns, ultimately defrauding them of Rs 100 crores. Despite complaints from numerous investors, the company’s office in the Ambegaon Budruk area remained closed.

ED’s investigation into the matter uncovered a web of financial deceit, prompting action against the VIPS Company and Global Affiliate Business in Pune, Mumbai, and Ahmedabad under the Prevention of Money Laundering Act (PMLA). The ED’s Mumbai divisional office seized assets worth Rs 8 crore 98 lakh belonging to Vinod Khute’s family, including flats, properties, offices, and land.

Vinod Khute, identified as the mastermind behind the fraud, has evaded authorities by fleeing to Dubai. He established two financial institutions under different names, through which he siphoned off investor funds, amounting to over Rs 100 crore. Investigations revealed that Khute transferred these funds abroad through hawala channels. Previously, the ED had seized assets worth Rs 375 crore linked to Khute and his company. The recent seizure of assets worth Rs 24 crore 41 lakh brings the total seized property to Rs 70 crore 89 lakh.

The fraudulent scheme employed by the VIPS Company and Global Affiliate Business Company enticed investors with lucrative interest rates on their investments. Vinod Khute diverted funds received from investors to Kanha Capital Company, utilizing online meetings to maintain investor engagement. Subsequently, Khute routed nearly Rs 100 crore abroad through hawala channels, perpetrating a complex financ

ial fraud.