The Enforcement Directorate (ED) recently raided the premises of VIPS Group and Global Affiliate Business in Pune and Ahmednagar, which resulted in the seizure of assets worth Rs 18.54 crore under the Foreign Exchange Management Act (FEMA).
The mastermind behind these operations has been identified as Vinod Khute, who operates from Dubai and controls the business under the name of Global Affiliate Business through a mobile application.
The ED alleged that the companies were involved in running an unauthorised multi-level marketing (MLM) scheme, and had collected Rs 125 crore from different individuals and funnelled the funds out of the country using hawala channels.
The investigation has revealed that Khute orchestrated various illegal trades, crypto exchanges, and wallet services through the VIPS Group of companies, with the proceeds being transferred to foreign countries through hawala transactions.
One of the key aspects of this illegal trade was the operation of Global Affiliate Business, which promoted affiliate marketing through an application called 'Global Affiliate Business', available on Google Play Store and Apple Store.
However, it was discovered that Global Affiliate Business was running unauthorised MLM schemes, where members who joined the programme and referred other consumers/clients would receive commissions.
Through this scheme, a total of Rs 125 crore was collected from numerous investors. Additionally, Global Affiliate Business was found to be marketing the business of Kana Capital, which engaged in brokerage service for forex, crypto, and stocks trading.
The ED also uncovered that Kana Capital, in collaboration with the directors of VIPS Group, conducted weekly training programmes for Global Affiliate Business clients, encouraging them to invest in VIPSWALLET.
Furthermore, Vinod Khute recently launched M/s D Dhanashree Multi-State Co-op Credit Society Limited in Pune, enticing investors with fraudulent schemes offering 2 to 4 per cent monthly interest.
Investigation revealed that crores of rupees were collected from clients/investors in cash, and these proceeds were then channeled out of the country through hawala transactions and shell companies.
The ED investigation has exposed the collection of over Rs 125 crore through banking channels and in cash, under the guise of investment for earning interest/commission.
Govt continued development despite Covid & ethnic violence: Manipur CM
Manipur Chief Minister N. Biren Singh on Monday said that despite the state losing four-and-a-half-years to the COVID-19 pandemic and ethnic violence, the government has continued the developmental works in the state.
BAPS Hindu Mandir and cultural complex opens in South Africa’s Johannesburg
The BAPS Shri Swaminarayan Hindu Mandir and Cultural Complex in Northriding, Johannesburg officially opened its doors on Monday, following the sacred Pran Pratishtha ceremony, led by Mahant Swami Maharaj, the global spiritual leader of BAPS.
We will ensure RG Kar victim gets justice: Bengal Guv
West Bengal Governor C.V. Ananda Bose said on Monday that the government would ensure that the RG Kar case victim gets justice.
They damage the nation abroad: EAM Jaishankar slams Rahul’s ‘falsehood’ on ‘Trump invite’ claims
External Affairs Minister (EAM) S Jaishankar on Monday hit back at the Leader of Opposition (LoP) Rahul Gandhi over his claims that the former went to the United States of America to get an invitation for Donald Trump’s inauguration, stating that such falsified statements only go on to harm the ‘interests and reputation’ of the country abroad.
Positive impact of regular contacts evident in India-Russia strategic partnership: President Murmu
President Droupadi Murmu on Monday asserted that the "positive impact" of regular contacts is evident in the broader 'India-Russia Special and Privileged Strategic Partnership' which continues to benefit significantly from the ongoing interaction at various levels.
Over to voters: High-decibel campaign for Delhi election ends
Campaigning for the most hotly contested Assembly election in Delhi ever ended at 5 p.m. on Monday, drawing curtains on months-long, high-decibel electioneering replete with AI-generated memes, acerbic jibes and venomous barbs and a race to woo voters with freebies, including monthly doles to women and the youth.
Rahul Gandhi’s rare praise for ‘Make In India’ project in LS, followed by jibe
Congress MP and the Leader of Opposition (LoP) Rahul Gandhi on Monday made a rare praise for the ‘Make In India’ program, even commending the Prime Minister Narendra Modi for bringing in the ‘good idea’ but then went to disapprove it by calling it ‘damp squib’.
Govt likely to introduce new income tax bill on Feb 6
After the revision in tax slabs in the Union Budget 2025-26 to leave 'enough money in the hands' of taxpayers, the government is likely to unveil the much-anticipated draft of the new Income Tax Bill on February 6.