The Enforcement Directorate (ED), Mumbai Zonal Office conducted several raids on Thursday as part of an investigation registered under the Prevention of Money Laundering Act (PMLA), 2002 at various locations in Kolhapur, Pune and Nashik.
The searches are part of a probe into a ponzi multi-level marketing scheme. Also being investigated are illegal forex trading platforms namely, VIPS Group of companies, M/s Global Affiliate Bussiness, M/s Kana Capital, Real Gold Capital, and Phoenix FX operated by Vinod Tukaram Khute, his family members and associates from Dubai, ED officials said in a press statement on Friday.
Cash, bank funds, fixed deposits, and jewellery worth ₹5 crore have been frozen and seized along with documents and digital devices.