ED Raids Maharashtra and Gujarat in Fraudulent Investment Scheme Linked to Dubai-Based Mastermind
The Enforcement Directorate (ED) conducted search operations across Kolhapur, Surat, and Ahmednagar on June 20, seizing incriminating documents and digital devices. The operation is part of an ongoing probe into Ponzi schemes and illegal forex trading platforms linked to the VIPS Group of Companies.
EdFraudPonzi SchemeDubaiVips GroupReal Estate MumbaiJun 23, 2025
During the searches, the ED seized various incriminating documents, details of immovable assets worth crores of rupees, and digital devices. It also froze several bank accounts belonging to the accused. The fraudulent platforms are allegedly being operated by a Dubai-based businessman, Vinod Tukaram Khute, and his family members and associates.
The investigation was initiated based on a first information report (FIR) registered by Bharti Vidhyapeeth Police Station in Pune. Vinod Khute, Santosh Khute, Mangesh Khute, Kiran Pitamber Anarase, Ajinkya Badadhe, and others are accused of cheating common citizens through fraudulent marketing schemes and illegal forex trading platforms. The victims were duped with the promise of exorbitant returns on their investments, and the accused allegedly amassed more than Rs 100 crore in the fraud.
Khute, who resides in Dubai, is said to be the mastermind of the fraud. He allegedly operates various illegal trading, crypto exchange, and wallet services through VIPS Group of companies, M/s Global Affiliate Business, M/s Kana Capital, Real Gold Capital, and others. The search operations were conducted on his associates who were involved in enticing and luring common citizens into investing in the fraud schemes. Funds collected through various shell entities were layered and eventually withdrawn in cash, and siphoned off to Dubai by conversion to crypto/virtual assets or through hawala channels, the agency claimed.
The ED has previously conducted search operations in this case and issued Provisional Attachment Orders, resulting in the freezing of various bank balances, movable assets, and immovable properties belonging to Khute and his relatives/associates in India and Dubai, amounting to Rs 75.42 crore. Further investigation is ongoing.
The Enforcement Directorate (ED) is a law enforcement agency in India responsible for enforcing economic laws and combating economic crimes. It is headquartered in New Delhi and operates under the Ministry of Finance. The ED plays a crucial role in investigating and prosecuting cases related to money laundering and other financial crimes.
Frequently Asked Questions
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a law enforcement agency in India responsible for enforcing economic laws and combating economic crimes. It operates under the Ministry of Finance and is headquartered in New Delhi.
What is a Ponzi scheme?
A Ponzi scheme is a fraudulent investment operation where returns to earlier investors are paid out of the funds of new investors rather than from profit earned by the operator. This continues until the influx of new investors stops, causing the scheme to collapse.
Who is Vinod Tukaram Khute?
Vinod Tukaram Khute is a Dubai-based businessman accused of running fraudulent investment schemes and illegal forex trading platforms. He is the alleged mastermind behind the VIPS Group of Companies, which is under investigation by the ED.
What actions did the ED take during the search operations?
During the search operations, the ED seized incriminating documents, details of immovable assets worth crores of rupees, and digital devices. They also froze several bank accounts belonging to the accused.
How much money is alleged to have been involved in the fraud?
The accused are alleged to have amassed more than Rs 100 crore through the fraudulent investment schemes and illegal forex trading platforms.
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