ED attaches properties worth Rs 178 cr of IT infrastructure firm

The Directorate of Enforcement (ED), Jalandhar Zonal Office, has provisionally attached properties worth Rs 178.12 crore in its ongoing investigation against M/s Vuenow Marketing Services Ltd in the alleged Rs 2,200 crore cloud particle scam.

An order to provisional attach six immovable properties, balance in 73 bank accounts and 26 luxury vehicles was passed under the Prevention of Money Laundering Act.

The ED probe had revealed that the firm induced people to invest money in the guise of selling them cloud particles and leasing back those particles on the promise of high rental returns, without having any substantial infrastructure for it. The proceeds of crime were diverted to purchase luxurious vehicles, routing funds through shell entities.