ED Raids Multiple Locations in Maharashtra, Gujarat in ₹100 Crore Ponzi, Forex Scam Linked to VIPS Group

The Mumbai unit of the Enforcement Directorate (ED) carried out raids across Maharashtra and Gujarat as part of its ongoing money laundering probe against VIPS Group of Companies, linked to alleged Ponzi schemes and illegal foreign exchange trading operations.

The searches, conducted on Friday under the Prevention of Money Laundering Act (PMLA), targeted premises in Kolhapur, Ahmednagar, Pune, and Surat (Gujarat). The investigation centers around Vinod Khute, a Dubai-based businessman, along with his family members and close associates, who are accused of duping the public through fraudulent investment schemes.

During the raids, the ED seized incriminating documents, digital devices, and details of immovable assets worth crores, and also froze multiple bank accounts. According to officials, Khute’s group allegedly collected over ₹100 crore from unsuspecting investors by offering exorbitant returns on fake multi-level marketing and forex trading schemes.

The ED launched the investigation based on an FIR filed at Bharati Vidyapeeth police station in Pune, where Khute and others were booked for cheating individuals under the guise of high-return Ponzi and MLM schemes, and a fake forex platform.

Officials allege that Khute orchestrated a network of bogus MLM schemes, crypto exchanges, and illegal trading operations through the VIPS Group and associated shell companies. The funds collected were allegedly layered through various entities, converted into cryptocurrency or virtual assets, or diverted to Dubai through hawala channels.

The current operation follows earlier ED actions in the case, which included multiple search drives and provisional attachment orders. So far, assets—both movable and immovable—worth ₹75.42 crore have been frozen or attached in India and Dubai.

The ED continues to examine the money trail and identify additional individuals involved in what officials described as a complex web of financial fraud and international fund diversion.