The Enforcement Directorate’s (ED) Mumbai Zonal Office conducted search operations across Kolhapur, Surat, and Ahmednagar on June 20 in connection with its ongoing probe into bogus Ponzi schemes and illegal forex trading platforms linked to the VIPS Group of Companies.

During the searches – conducted under the Prevention of Money Laundering Act (PMLA), 2002 – 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.