The Enforcement Directorate (ED) has initiated a money-laundering probe against a Dubai-based businessman and associates following a ₹100 crore cheating case filed by Pune police. The accused allegedly gathered funds through investment schemes, funneling them abroad through hawala channels. The ED has seized ₹28.60 crore in cash and frozen bank balances, planning to provisionally attach them to the investigation. The suspects reportedly engaged in illicit activities such as illegal trades, crypto exchange, wallet services, and forex trading through shell companies.
The Pune police case alleges that the accused, led by businessman Vinod Khute, diverted around ₹100 crore from investment schemes abroad via hawala channels. Investors were lured with promises of monthly returns of 2-3%. Khute and relatives purportedly controlled VIPS Group of Companies and Global Affiliate Business, attracting more investors with high-return promises on forex trading. The ED had earlier raised money-laundering concerns based on a FEMA probe. Searches in May and June led to cash and bank balance seizures totaling ₹28.60 crore, to be attached to the ongoing money-laundering investigation.
The ED’s FEMA investigation identified Khute as the mastermind behind illegal activities, including crypto exchange and forex trading through Kana Capital Limited. The collected funds allegedly flowed through hawala to foreign countries. Khute’s modus operandi involved collecting funds in shell companies, providing USD balances on the Kana Capital platform, and transferring funds out of India through hawala operators. Kana Capital, in collaboration with Khute and VIPS Group, facilitated clients in trading forex and commodities internationally, attracting them with promising returns and conducting training programs via Zoom. Global Affiliate Business also marketed Kana Capital’s brokerage business for forex, crypto, and stocks.
By FCCT Editorial Team
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