ED conducts raids in Punjab, Haryana in money laundering case; seizes luxury vehicles, cash
PTC News Desk: Enforcement Directorate team of Jalandhar has seized several luxury vehicles, Rs 3 lakh cash and incriminating documents in a major crackdown on Vuenow Marketing Services Limited (VMSL).
The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA) based on the FIR registered by Gautam Budh Nagar (Noida) police in Uttar Pradesh under various sections of the BNS.
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 FIR was filed based on information provided by the ED under Section 66(2) of the PMLA. The ED's investigation uncovered that VMSL, in collaboration with other group entities, deceived individuals into investing money under the pretext of selling cloud particles and leasing them back, promising high rental returns, despite lacking any significant infrastructure for such operations.
The proceeds of crime were redirected by VMSL and associated companies towards purchasing luxury vehicles and channeling funds through shell companies.
- PTC NEWS
