NEW DELHI: A couple apprehended by the Enforcement Directorate (ED) in Punjab on Friday has been identified as the masterminds behind a multi-level marketing scam that deceived investors by promising substantial rental returns on the purchase of cloud space, which was then leased back. They have been placed in ED custody. On Saturday, a special court under the Prevention of Money Laundering Act (PMLA) in Jalandhar ordered that Sukhvinder Singh Kharour be held for ten days and Dimple Kharour for five days in ED custody. The couple is alleged to have amassed over Rs 3,500 crore over the past two to three years, misappropriating what has been termed the “proceeds of crime.” Lookout notices were issued after the couple went into hiding. Last month, the ED seized at least 26 luxury vehicles valued at Rs 80 crore that belonged to them. Additionally, the agency has attached other assets in Punjab amounting to Rs 178 crore. According to the ED, the cloud sale and leaseback model was fabricated to defraud investors. The agency has identified Rs 3,558 crore in proceeds of crime generated from illicit activities, which were funneled by Vuenow Marketing Services Ltd (VMSL) and its affiliated companies into commissions for channel partners, the acquisition of luxury vehicles, gold, and diamonds, as well as routing hundreds of crores through shell companies and further investments in real estate. The accused established numerous shell entities to divert the proceeds of crime. Significant amounts were also redirected into bank accounts belonging to Dimple and into film production companies under her control, including Kharour Films LLP, Fruitchaat Entertainment Pvt, and Avni ITInfra Ventures Ltd, where she serves as a director. However, these companies have no connection to the cloud-based business VMSL, which raised substantial funds from investors, according to the agency. The ED had been actively searching for the couple, who had managed to evade arrest in Punjab for an extended period despite numerous allegations of fraud and cheating. The central agency eventually filed a First Information Report (FIR) in Noida and, with assistance from the Uttar Pradesh Police, issued a lookout notice. Coordination with international enforcement agencies led to the couple’s location in Nepal, from where they were subsequently extradited to India. Sukhvinder, the CEO and founder of Vuenow Group, has been identified by the Enforcement Directorate as the principal architect of the fraudulent scheme known as the ‘Cloud Particle Scam,’ having collaborated with his close associates to execute this deception.
A couple from Punjab generated ₹3,500 crore through the sale of cloud storage services and has been placed in the custody of the Enforcement Directorate
