The Enforcement Directorate (ED) has exposed a multi-state money laundering scam and seized luxury vehicles, cash totaling ₹3 lakh, incriminating documents, records, and digital devices.
As per the information the Jalandhar Zonal Office of the ED had conducted extensive search operations at eleven locations at Gurugram, Panchkula, Jind, Mohali and Mumbai as part of an ongoing money laundering investigation involving M/s Vuenow Marketing Services Ltd. (M/s VMSL).
The raids were carried out under the provisions of the Prevention of Money Laundering Act and targeted residential and business premises of several entities, including M/s Vuenow Infratech Limited, M/s Big Boy Toyz, M/s Mandeshi Foods Pvt. Ltd., M/s Planckdot Pvt. Ltd., M/s Bytecanvass LLP, M/s Skyverse, and M/s Skylink Network, along with related individuals.
The ED initiated investigation on the basis of an FIR registered by Gautam Budh Nagar Police, Uttar Pradesh under various sections of Bharatiya Nyaya Sanhita- 2023
The investigation by the ED officials the investigation revealed that M/s VMSL, in collaboration with other group entities had duped investors by promoting a dubious model involving the sale and leaseback of “cloud particles” under the promise of high rental returns. However, the company lacked the necessary infrastructure to support such claims.
During the investigation it was found that the ill-gotten Proceeds of Crime (POC) were allegedly used to purchase luxury vehicles, channel hundreds of crores through shell entities, and also invested in the properties.
The probe highlights how M/s VMSL and its group companies manipulated investors and laundered funds, diverting them into luxury assets and shell entities to obscure the money trail. The total volume of funds involved is suspected to run into hundreds of crores. As per the ED, in November last year searches were conducted at the premises of M/s VMSL and associated entities, yielding preliminary evidence of their fraudulent operations.