ED raids multiple locations in connection with money laundering case involving Vuenow Marketing Services Ltd.

New Delhi, Jan 20 The Directorate of Enforcement (ED) has conducted extensive search operations across multiple locations in Haryana, Punjab, and Maharashtra as part of an ongoing investigation into a money laundering case involving Vuenow Marketing Services Ltd. (VMSL).

The raids targeted residential and business premises of various companies and entities associated with VMSL.

The ED’s actions focused on eleven locations in Gurugram, Panchkula, Jind, Mohali, and Mumbai. Among the entities raided were M/s Vuenow Infratech Limited, M/s Big Boy Toyz, M/s Mandeshi Foods Pvt. Ltd., M/s Planckdot Pvt. Ltd., M/s Bytecanvass LLP, M/s Skyverse, M/s Skylink Network, and other related persons and companies.

As a result of the searches, ED seized a significant amount of incriminating material, including various luxury vehicles, cash worth Rs 3 lakh, digital devices, records, and other documents. These seizures are expected to provide crucial evidence for the ongoing investigation into the activities of Vuenow Marketing Services Ltd. and its affiliates, according to a release from ED.

The ED initiated the investigation based on an FIR registered by the Gautam Budh Nagar Police (Noida) under various sections of the BNS, 2023. The FIR was filed following the ED’s information-sharing under Section 66(2) of the Prevention of Money Laundering Act (PMLA), 2002.

Preliminary findings from the investigation suggest that VMSL, in collaboration with other group entities, operated a fraudulent investment scheme.

The company allegedly induced investors to purchase "cloud particles" and lease them back under the so-called SLB (Sale and Lease Back) model, promising substantial rental returns. However, investigations have revealed that VMSL did not have the required infrastructure to support these claims.

The investigation further uncovered that the proceeds of crime generated from these deceptive activities were funnelled into the purchase of luxury vehicles, routed through numerous shell companies, and invested in various properties. The ED has been closely examining these financial transactions and assets to trace the full extent of the illicit operations.

This is not the first time the ED has raided properties linked to Vuenow Marketing Services Ltd. Earlier, in November 2024, the agency conducted searches at various premises associated with the company under the provisions of the PMLA.

The investigation is ongoing, with ED officials working to uncover further details and bring those responsible for the money laundering scheme to justice.

Source: IANS