New Delhi [India], January 20 (ANI): The Enforcement Directorate has seized various luxury vehicles, cash amounting to Rs three lakh, incriminating documents, records and digital devices in multi-state raids conducted in Haryana, Punjab and Mumbai in connection with money laundering investigation against Vuenow Marketing Services Ltd, the agency said on Monday.
ED’s Jalandhar Zonal Office seized these assets during searches conducted on January 17 at eleven locations in Haryana’s Gurugram, Panchkula and Jind; Punjab’s Mohali; and Maharashtra’s Mumbai covering residential and business premises of Vuenow Infratech Limited, Big Boy Toyz, Mandeshi Foods Pvt Ltd, Planckdot Pvt Ltd, Bytecanvass LLP, Skyverse, Skylink Network and related entities and persons under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with the case.
ED initiated an investigation based on a First Information Report (FIR) registered by Uttar Pradesh’s Gautam Budh Nagar (Noida) Police under various sections of Bharatiya Nyay Sanhita (BNS), 2023. The FIR was registered based on information shared by the ED under PMLA, 2002.
ED investigation revealed that Vuenow Marketing Services Ltd in connivance with other group entities induced various investors to invest their money in the guise of selling them cloud particles and leasing back those particles (SLB model) on the promise of high rental returns, without having any substantial infrastructure for the same.
The Proceeds of Crime generated out of criminal activities were further diverted by VMSL and group companies by way of the purchase of various luxurious vehicles, routing of funds to the tune of hundreds of crores through shell entities and investment in properties.
Earlier, searches were also conducted at various premises of Vuenow Marketing Services Ltd and related entities on November 26 last year under provisions of PMLA, 2002.
Further investigation is underway. More details are awaited. (ANI)
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