Luxury vehicles, cash seized in ED raids on IT infrastructure firm
The Jalandhar zonal office of the Directorate of Enforcement (ED) in its ongoing investigation against Vuenow Marketing Services Limited (VMSL) has seized luxury vehicles, Rs 3 lakh cash, incriminating documents, records and digital devices.
ED officials made the seizures during search operations conducted on January 17 at 11 locations in Gurugram, Panchkula, Jind, Mohali and Mumbai at residential and business premises of Vuenow Infratech Limited, Big Boy Toyz, Mandeshi Foods Private Limited, Planckdot Private Limited, Bytecanvass LLP, Skyverse, Skylink Network and related entities and persons.
The searches were held under the provisions of the Prevention of Money Laundering Act (PMLA). The seized vehicles included Ford Endeavour, Mercedes G-Wagon, Toyota Vellfire, Lexus cars and two bikes. The ED had initiated investigation on the basis of an FIR registered by Gautam Budh Nagar (Noida) police in Uttar Pradesh under various sections of the BNS.
The FIR was registered on the basis of information shared by the ED under Section 66(2) of the PMLA. The ED investigation revealed that VMSL, in connivance with other group entities, 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 the same.
The proceeds of crime were diverted by the VMSL and group firms by purchasing luxury vehicles and routing funds through shell entities.
