Synopsis
The ED has initiated extensive raids across Haryana, Punjab, and Maharashtra in connection with a money laundering investigation involving Vuenow Marketing Services Ltd. These operations targeted multiple entities associated with VMSL and resulted in significant seizures of incriminating materials and luxury items, shedding light on ongoing fraudulent activities.Key Takeaways
- ED raids targeted Vuenow Marketing Services Ltd.
- Locations included Gurugram, Panchkula, Jind, Mohali, and Mumbai.
- Seizures included luxury vehicles, cash, and digital devices.
- Investigation linked VMSL to a fraudulent investment scheme.
- Previous raids also conducted in November 2024.
New Delhi, Jan 20 (NationPress) The Directorate of Enforcement (ED) has executed comprehensive search operations at various sites in Haryana, Punjab, and Maharashtra as part of a continuing investigation related to a money laundering case involving Vuenow Marketing Services Ltd. (VMSL).
The raids primarily targeted residential and commercial premises of several companies and individuals linked to VMSL.
The ED concentrated its efforts on eleven locations in Gurugram, Panchkula, Jind, Mohali, and Mumbai. Entities subjected to raids included 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, M/s Skylink Network, alongside other associated individuals and businesses.
From the searches, the ED confiscated a substantial quantity of incriminating evidence, which includes luxurious vehicles, cash amounting to Rs 3 lakh, digital devices, records, and various documents. These confiscations are anticipated to yield vital evidence for the ongoing investigation into the actions of Vuenow Marketing Services Ltd. and its affiliates, as per a statement from the ED.
The investigation was initiated following an FIR lodged by the Gautam Budh Nagar Police (Noida) under several sections of the BNS, 2023. This FIR was registered based on information shared by the ED under Section 66(2) of the Prevention of Money Laundering Act (PMLA), 2002.
Preliminary investigations indicate that VMSL, in association with other group entities, engaged in a fraudulent investment scheme.
The company purportedly urged investors to buy "cloud particles" and subsequently lease them back under the purported SLB (Sale and Lease Back) model, assuring significant rental returns. However, investigations have uncovered that VMSL lacked the necessary infrastructure to back these assertions.
Further investigation revealed that the illicit proceeds generated from these misleading activities were directed towards acquiring luxury vehicles, channeled through multiple shell companies, and invested in various properties. The ED is meticulously scrutinizing these financial transactions and assets to expose the full scale of the unlawful operations.
This is not the inaugural instance of the ED conducting searches on properties linked to Vuenow Marketing Services Ltd. Previously, in November 2024, the agency executed searches at multiple locations associated with the company under the provisions of the PMLA.
The investigation is ongoing, with ED officials diligently working to uncover more details and hold accountable those responsible for the money laundering operation.
