The Enforcement Directorate had unearthed the modus operandi allegedly used by a private company and its affiliates to commit fraud on the pretext of selling “cloud particles (servers)“
| Photo Credit: –
The Enforcement Directorate has arrested Vuenow Group chief executive officer Sukhvinder Singh Kharour and his wife Dimple Kharour, who are allegedly involved in cheating people on the pretext of selling to them “cloud particles (servers)” and leasing them back on the assurance of providing monthly rental income to the investors. Funds to the tune of ₹3,558-crore were raised through the “scam”.
The agency has alleged that Mr. Kharour is the brain behind the scam. It had got lookout circulars issued against him and his wife to prevent them from travelling abroad. On Friday, they were allegedly on their way to board a flight to Nepal when they were detained by immigration officials at Delhi’s Indira Gandhi International Airport, and then arrested by the ED.
The ED produced the husband-wife duo before a special court in Punjab’s Jalandhar and obtained the custody of Mr. Kharour for 10 days and that of Ms. Kharour for five days. The investigation into the money laundering aspect of the alleged offence is based on a First Information Report registered by the Gautam Budh Nagar (Noida) in Uttar Pradesh.
“The underline business of cloud particles, based on sale-and-lease-back model (SLB model), was found substantively non-existent and grossly overstated to cheat the investors. The Proceeds of Crime (POC) amounting to ₹3,558 crore generated out of criminal activities were utilised for other than business purposes…,” according to the agency.
As claimed, the funds were diverted by Vuenow Marketing Services Limited (VMSL) and group companies in giving high commissions to the channel partners, as well as purchase of various luxurious vehicles, gold and diamonds; and routed through several shell entities and invested in properties as well.
The purported ill-gotten money was also transferred to the account of Ms. Kharour and various entities, including Kharour Films LLP, Fruitchaat Entertainment, and Avni ITInfra Ventures Limited, in which she was a director/partner. However, these companies do not have any relation with the “cloud particles” business.
The ED has conducted several rounds of searches on the premises linked to VMSL and related entities from November 2024 till now. It has also attached assets worth ₹178.12 crore and arrested another key accused named Arif Nisar on February 24 following searches on his Delhi premises.
“The ED investigation revealed that Zebyte Infotech Private Limited (ZIPL) and Zebyte Rental Planet Private Limited, affiliates of Vuenow Group, were rotating the money of new investors to the old ones in the guise of sub-lease rent of cloud particles. As such, no rental income was generated from any clients who purported to have taken cloud particles on rent,” said an official.
“Accused Arif Nisar, who holds 75% shareholding in ZIPL, is a mentor and founder of VMSL group and a close associate of Sukhvinder Singh Kharour…” the official said.
Published – March 01, 2025 09:03 pm IST