ED Cracks Down on Vuenow Marketing: Assets Worth ₹178 Crore Attached

The Enforcement Directorate has provisionally attached assets valued at ₹178.12 crore in connection to a money laundering investigation against Vuenow Marketing Services Ltd. The company allegedly misled investors and diverted funds for non-business purposes. Key executives, including CEO Sukhwinder Singh Kharour, have not cooperated with the investigation.

The Directorate of Enforcement (ED) in Jalandhar has taken significant action against Vuenow Marketing Services Ltd. and its associates by provisionally attaching assets worth approximately ₹178.12 crore. These include six immovable properties, funds across 73 bank accounts, and 26 luxury vehicles, as detailed in a provisional attachment order dated February 6, 2025. This move is part of an ongoing probe under the Prevention of Money Laundering Act (PMLA), 2002, prompted by a First Information Report (FIR) from Gautam Budh Nagar (Noida) Police, Uttar Pradesh.

The investigation, initiated through information provided under section 66(2) of the PMLA, 2002, uncovered that Vuenow Marketing Services Ltd. (VMSL), in collaboration with related entities, persuaded investors to buy and lease back cloud particles with promises of high returns. However, it was found that they lacked genuine infrastructural backing. The crime's proceeds were redirected towards purchasing luxury vehicles, channeling sizable funds through shell entities, and investing in properties, rather than being used for business purposes.

Vuenow Group's prime figures, such as CEO Sukhwinder Singh Kharour, have been repeatedly asked to participate in the investigation and provide their account of the situation, yet none, including Kharour himself, has cooperated. This non-compliance has left many investors stranded. On November 26, 2024, and January 17, 2025, raids were conducted at Vuenow Marketing Services Ltd.'s premises and associated locations under PMLA provisions. (ANI)

(With inputs from agencies.)