Chandigarh: The Directorate of Enforcement (ED) Monday said it has seized cash, valuables, incriminating documents and luxury cars during search and seizure operations of premises linked to Vuenow Infratech and associated companies at 11 locations in different cities for money laundering in the guise of real estate projects.
In Haryana, the searches were carried out in Gurugram, Panchkula and Jind. Besides Haryana, other locations included offices and residential premises in Mohali (Punjab) and Mumbai (Maharashtra).
Apart from the offices and directors of M/s Vuenow Infratech Ltd, the ED searched the premises of 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 related entities and associates.
The ED also claimed to have seized digital devices containing important data related to the money laundering Act.
The investigation was launched following an FIR registered by Gautam Budh Nagar (Noida) Police, UP, under various sections of BNS, 2023. The FIR was registered on the information shared by the ED under Section 66(2) of PMLA, 2002.
The ED investigation revealed that M/s Vuenow Marketing Services Ltd (M/s VMSL), in connivance with other group entities, lured investors to invest their money in the guise of selling them cloud particles and leasing back those particles (SLB model) on the promise of high rental returns, without having any substantial infrastructure for the same.
The proceeds of crime generated from criminal activities were further diverted by M/s VMSL and group companies by way of purchasing various luxurious vehicles, routing funds to the tune of hundreds of crores through shell entities, and investing in properties. Last Nov, searches were also carried out on the premises of M/s Vuenow Marketing Services Ltd and related entities.
