In a major crackdown on financial fraud, the Enforcement Directorate (ED) has arrested Sukhvinder Singh Kharour and Dimple Kharour, alleged masterminds behind the Rs 3,558 crore 'cloud particle scam'.
The duo was detained at Delhi's IGI Airport while attempting to flee the country. Acting on specific intelligence, authorities detained them based on an active Look Out Circular (LoC) and subsequently placed them under arrest.
The ED launched its probe following an FIR filed by the Gautam Budh Nagar Police in Uttar Pradesh. Investigators revealed that Sukhvinder Singh Kharour, CEO and founder of Vuenow Group, orchestrated the massive fraud under a deceptive 'sale and lease-back' (SLB) model.
The so-called cloud particle technology business, which lured investors with promises of lucrative returns, was found to be largely non-existent, with funds allegedly siphoned off for personal gain.
Officials claim that investor money was funnelled into personal accounts and shell companies, used for luxury purchases, and distributed as hefty commissions to channel partners.
The ED has identified links between the diverted funds and entities connected to Dimple Kharour, including Kharour Films LLP, Fruitchaat Entertainment Pvt Ltd, and Avnii T Infra Ventures Ltd-companies that had no actual connection to the fraudulent scheme.
Earlier, the ED had conducted multiple searches at locations tied to Vuenow Marketing Services Ltd. and its associates, seizing assets worth Rs 178.12 crore under the Prevention of Money Laundering Act (PMLA). The latest arrests come after another accused, Arif Nisar, was taken into custody on February 24.
A Jalandhar court has remanded Sukhvinder and Dimple Kharour to ED custody for further investigation, as officials continue to trace the full extent of the scam and recover misappropriated funds.
Source: India Today