NEW DELHI: A couple arrested by ED from Punjab on Friday, who had masterminded a multi-level marketing fraud by duping investors with promises of handsome rental value on purchase of cloud space & leasing it back, has been remanded in ED custody.
On Saturday, a special PMLA court in Jalandhar remanded Sukhvinder Singh Kharour to 10 days and Dimple Kharour to five days in ED custody. They allegedly collected over Rs 3,500 crore in past 2-3 years and siphoned off the “proceeds of crime”.
Look out notices were issued after they went underground. At least 26 luxury cars worth Rs 80 crore (belonging to the couple) were seized by ED last month. ED also attached other assets in Punjab, totalling Rs 178 crore.
“The cloud sale and lease back model was found non-existent to cheat the investors. The proceeds of crime of Rs 3,558 crore (ascertained so far) generated out of criminal activities were diverted by VMSL (Vuenow Marketing Services Ltd) and group companies in giving commission to channel partners, purchase of various luxurious vehicles, gold and diamonds, routing of hundreds of crores through shell entities and further investment in properties,” ED said.
The accused created multiple shell entities to siphon off proceeds of crime. Huge funds were also diverted into bank accounts of Dimple and to film production units controlled by her, such as Kharour Films LLP, Fruitchaat Entertainment Pvt and Avni ITInfra Ventures Ltd, in which she is a director. However, these companies do not have any relation with the cloud particle business VMSL that collected huge funds from investors, the agency said.
ED was on the lookout for the influential couple who had evaded arrest in Punjab for a long time despite several complaints of cheating and fraud. The central agency finally registered an FIR in Noida and with the help of UP Police issued a look out notice. Officials coordinated with international enforcement agencies that helped in tracing the accused in Nepal from where they were sent to India. “Sukhvinder, CEO and founder of Vuenow Group is ‘mastermind’ of the scam who in connivance with his close aides orchestrated the ‘Cloud Particle Scam’,” ED said.