ED Seizes ₹14 Crore Real Estate Assets in VIPS Group Ponzi Scam
The Enforcement Directorate (ED) has provisionally attached immovable assets worth approximately Rs 14 crore in connection with the ongoing money laundering probe against the VIPS Group, alleged to be controlled by Dubai-based Vinod Tukaram Khute.
EdPonzi ScamVips GroupReal EstateMoney LaunderingReal Estate MumbaiAug 01, 2025
The assets, which include land parcels and flats located in Pune, Dharashiv, Kolhapur, and Sangli districts of Maharashtra, were attached via a Provisional Attachment Order issued by the ED's Mumbai zonal office on July 25. With the latest attachment, the cumulative value of assets attached and frozen in the case has reached Rs 89.54 crore.
The central agency’s investigation stems from an FIR registered by Bharti Vidyapeeth Police Station in Pune under various sections of the Indian Penal Code (IPC) against Khute and others, including Santosh Khute, Mangesh Khute, and Kiran Pitamber Anarase. They are accused of duping over Rs 100 crore from the public through fraudulent ponzi and multi-level marketing schemes disguised as forex trading platforms promising high returns.
According to the ED, Vinod Khute, currently based in Dubai, is the alleged mastermind behind several illicit operations involving multi-level marketing, fake crypto exchanges, and illegal trading platforms operated through entities like VIPS Group, Global Affiliate Business, Kana Capital, and Real Gold Capital. The attached properties are reportedly held by Khute’s close associates who played a role in luring the public into bogus investment schemes.
The ED said the proceeds from these schemes were funneled through shell entities, layered through various channels, converted into cryptocurrency or routed via hawala networks, and ultimately siphoned off to Dubai. This complex web of financial activities has made the investigation particularly challenging, but the ED remains committed to ensuring justice for the victims and the recovery of illicit funds.
The VIPS Group's operations have been under scrutiny for their opaque and fraudulent nature, with numerous victims coming forward to share their stories of financial loss and deception. The ED's actions are a significant step towards dismantling the network and holding the perpetrators accountable.
The provisional attachment of these assets is a clear indication of the government's resolve to combat financial crimes and protect the interests of the public. The ED continues to work diligently to trace and seize any other assets that may be linked to this elaborate Ponzi scheme.
For the victims of the VIPS Group's fraudulent activities, this development offers a glimmer of hope that their hard-earned money may be recovered. The ED's efforts are crucial in restoring trust in the financial system and deterring future fraudulent activities.
Frequently Asked Questions
What is the total value of assets attached by the ED in the VIPS Group case?
The total value of assets attached and frozen in the VIPS Group case has reached Rs 89.54 crore.
Who is the alleged mastermind behind the VIPS Group's fraudulent operations?
Vinod Tukaram Khute, currently based in Dubai, is the alleged mastermind behind the VIPS Group's fraudulent operations.
What types of assets have been attached by the ED?
The attached assets include land parcels and flats located in various districts of Maharashtra, such as Pune, Dharashiv, Kolhapur, and Sangli.
How did the VIPS Group allegedly launder the proceeds of their fraudulent schemes?
The proceeds were funneled through shell entities, layered through various channels, converted into cryptocurrency, or routed via hawala networks, and ultimately siphoned off to Dubai.
What is the significance of the ED's actions in this case?
The ED's actions are significant as they aim to dismantle the fraudulent network, hold the perpetrators accountable, and recover illicit funds for the victims.
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