Latest news with #Vuenow
Reuters
2 days ago
- Business
- Reuters
India's financial crime fighting agency searches Vuenow Infratech premises
Aug 15 (Reuters) - India's financial crime fighting agency searched the residential and business premises of Vuenow group of companies, including IT solutions firm Vuenow Infratech ( opens new tab, its director Rahul Anand Bhargav and other related people and entities, the agency said on Friday. The search was conducted on Thursday in premises across Punjab, Haryana and Maharashtra states in connection with money laundering allegations related to the group, India's Enforcement Directorate said in a post on social media platform X. Vuenow Infratech, which provides IT and consulting services, did not immediately respond to a request for comment. Reuters could not immediately reach Bhargav for a comment. The agency seized cash, electronic devices, "incriminating records", and shares and immovable property worth 737.2 million rupees ($8.4 million), it said. ($1 = 87.5050 Indian rupees)
Hindustan Times
26-04-2025
- Business
- Hindustan Times
Punjab: ED files prosecution complaint in ₹3,558 cr cloud particle scam
The Enforcement Directorate's zonal office in Jalandhar has filed a prosecution complaint on money laundering against Vuenow group of companies in connection with the ₹3,558 crore cloud particle investment scam. An ED spokesperson said the special PMLA court took cognisance of the prosecution complaint on Friday. The ED had initiated investigation on the basis of various FIRs registered under the provisions of Bharatiya Nyaya Sanhita, 2023 by Gautam Budh Nagar (Noida) Police and Punjab Police. ED investigation revealed that Sukhvinder Singh Kharour, the CEO and Founder of Vuenow Group, in connivance with other accused orchestrated a multi-thousand crore 'cloud particle scam' where the hard-earned money of investors was siphoned off for personal gains. 'The underlying business of cloud particle, based on sale and lease back model (SLB model) was found substantively non-existent and grossly overstated to cheat the investors. The entire business of Vuenow group was found to be a money rotation scheme. The total money collected from the investors in lieu of sale of cloud particles was found to be ₹3,700 crore (approximately), out of which ₹1,800 crore (approximately) was returned to investors in the form of rent,' the spokesperson stated. The remaining proceeds of crime were utilised for purposes other than the business and further diverted by M/s VMSL and group companies in giving high commissions to the channel partners, purchase of various luxurious vehicles, gold and diamonds, routing of funds to the tune of hundreds of crores through shell entities and investment in properties. Earlier, searches were also conducted at various premises of VMSL and related entities under provisions of PMLA on November 26 last year and On January 17 and February 24, the properties worth ₹178.12 crore was attached. Sukhvinder Singh Kharour, CEO of VueNow Marketing Services Ltd, and his wife Dimple Kharour were arrested on February 28 this year.
