The Enforcement Directorate (ED) conducted search operations at eleven locations across Gurugram, Panchkula, Jind (Haryana), Mohali (Punjab), and Mumbai (Maharashtra), targeting the premises of a private company linked to the Cloud Particle scam.
The raids covered properties connected to M/s Vuenow Infratech Limited, 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 other related entities and individuals. The searches, conducted under the Prevention of Money Laundering Act (PMLA), led to the seizure of luxury vehicles, Rs 3 lakh in cash, incriminating documents, records, and digital devices.
The ED launched the investigation following an FIR registered by Gautam Budh Nagar (Noida) Police under various sections in 2023, based on information shared by the ED under Section 66(2) of the PMLA.
Preliminary findings revealed that M/s Vuenow Marketing Services Ltd. (VMSL), in collusion with associated entities, lured investors into a fraudulent scheme under the guise of selling cloud particles. The company promised high rental returns through a sale and lease-back (SLB) model, despite lacking the necessary infrastructure.
The proceeds of crime were allegedly used to purchase luxury vehicles, route funds worth hundreds of crores through shell entities, and invest in properties.
Earlier, on November 26, 2024, the ED had conducted searches at the premises of VMSL and associated entities under PMLA provisions. The agency continues to investigate the matter.
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