Overview

• On June 20, the ED’s Mumbai Zonal Office searched properties in Kolhapur, Surat, Ahmednagar and Pune under the Prevention of Money Laundering Act.
• Officers seized incriminating documents, digital devices and asset records and froze several bank accounts tied to Vinod Khute and his network.
• The alleged fraud used entities such as VIPS Group of Companies, Global Affiliate Business, Kana Capital and Real Gold Capital to promise investors exorbitant returns.
• ED investigators say funds were layered through shell companies and funneled to Dubai via cryptocurrency transfers and Hawala channels.
• Accused mastermind Vinod Tukaram Khute remains absconding in Dubai as the Directorate presses on with its money laundering investigation.