Crackdown on Noida's Ponzi Scheme Company VueNow

The Enforcement Directorate investigated VueNow, a Noida-registered firm, for allegedly deceiving investors through a fake data computing and cloud storage scheme. The agency conducted searches at 13 locations under the Foreign Exchange Management Act. Overseas transactions linked to the company are also under examination.

The Enforcement Directorate (ED) has initiated a probe against VueNow, a company based in Noida, accused of defrauding investors through a deceptive Ponzi scheme disguised as a data computing and cloud storage service, according to official sources.

Search operations are underway at 13 locations associated with the company and its promoters in Zirakpur, Mohali district, Delhi, Noida, Ghaziabad, and Mumbai. These actions are being executed under the Foreign Exchange Management Act (FEMA) by the Jalandhar office of the agency.

Efforts to get a comment from the company by PTI were unsuccessful. Meanwhile, allegations point towards the company's fraudulent practices in the cloud storage sector, and some overseas transactions by VueNow and its promoters are under the ED's scrutiny.

(With inputs from agencies.)