The Enforcement Directorate’s zonal office in Jalandhar has filed a prosecution complaint on money laundering against Vuenow group of companies in connection with the ₹3,558 crore cloud particle investment scam.
An ED spokesperson said the special PMLA court took cognisance of the prosecution complaint on Friday.
The ED had initiated investigation on the basis of various FIRs registered under the provisions of Bharatiya Nyaya Sanhita, 2023 by Gautam Budh Nagar (Noida) Police and Punjab Police.
ED investigation revealed that Sukhvinder Singh Kharour, the CEO and Founder of Vuenow Group, in connivance with other accused orchestrated a multi-thousand crore ‘cloud particle scam’ where the hard-earned money of investors was siphoned off for personal gains.
“The underlying business of cloud particle, based on sale and lease back model (SLB model) was found substantively non-existent and grossly overstated to cheat the investors. The entire business of Vuenow group was found to be a money rotation scheme. The total money collected from the investors in lieu of sale of cloud particles was found to be ₹3,700 crore (approximately), out of which ₹1,800 crore (approximately) was returned to investors in the form of rent,” the spokesperson stated.
The remaining proceeds of crime were utilised for purposes other than the business and further diverted by M/s VMSL and group companies in giving high commissions to the channel partners, purchase of various luxurious vehicles, gold and diamonds, routing of funds to the tune of hundreds of crores through shell entities and investment in properties.
{{/usCountry}}The remaining proceeds of crime were utilised for purposes other than the business and further diverted by M/s VMSL and group companies in giving high commissions to the channel partners, purchase of various luxurious vehicles, gold and diamonds, routing of funds to the tune of hundreds of crores through shell entities and investment in properties.
{{/usCountry}}Earlier, searches were also conducted at various premises of VMSL and related entities under provisions of PMLA on November 26 last year and On January 17 and February 24, the properties worth ₹178.12 crore was attached.
Sukhvinder Singh Kharour, CEO of VueNow Marketing Services Ltd, and his wife Dimple Kharour were arrested on February 28 this year.