The Enforcement Directorate (ED) of India has frozen bank deposits and cash worth over Rs 18 crore of a Pune-based company and a linked entity following a recent raid in connection with an alleged foreign exchange violation, illegal crypto exchange trade, wallet services, and hawala, as per an agency statement. The searches were conducted on May 25 under the Foreign Exchange Management Act (FEMA). The agency said that Vinod Khute and his relatives, who manage and control the VIPS Group of Companies and Global Affiliate Business, are involved in illegal trades and other unauthorized schemes. Global Affiliate Business has reportedly collected over Rs 125 crore from various investors through an unauthorised multi-level marketing scheme. The investors were lured by offers of 2-4% interest per month. The ED said that the funds were being siphoned off through hawala channels to various foreign countries, and that more than Rs 125 crore has been collected through banking channels as well as cash from various investors in the guise of earning interest or commission income.
ED Freezes Bank Deposits and Cash Worth Over Rs 18 Crore in FEMA Probe Against Pune-based Firm and Associates
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