 Early Times Report
Srinagar, Nov 28: The Enforcement Directorate (ED) has intensified its investigation into a marketing company and its associated entities, raising serious concerns among investors, particularly in Kashmir, where hundreds are reportedly said to have invested substantial sums in the company, a Srinagar based news agency reported on Thursday. The case involves allegations of financial irregularities under the Foreign Exchange Management Act (FEMA), 1999, and the Prevention of Money Laundering Act (PMLA), 2002. The ED has conducted multiple searches and uncovered incriminating evidence, leading to apprehensions of a scam.
“Directorate of Enforcement (ED), Jalandhar Zonal Office has conducted search operations at fourteen locations in Mohali (Punjab), New Delhi, Noida (Uttar Pradesh), Ghaziabad (Uttar Pradesh), and Mumbai (Maharashtra) on 17.10.2024 under the provisions of section 37 of the Foreign Exchange Management Act (FEMA), 1999, in connection with investigation regarding receipt of huge and irregular foreign inward remittances by M/s Vuenow Marketing Services Ltd., M/s Vuenow Infotech Pvt. Ltd. and M/s Zebyte Rental Planet Private Ltd. in lieu of providing database and data processing services,” the ED said in its press release dated October 17, 2024.
“The searches conducted at the office premises of the said companies and residences of key persons related to them have resulted in the recovery and seizure of Indian currency of Rs. 30.50 lakh, foreign currency of 6410 Euros, 3062 USD, 05 Singapore Dollars, 2750 Swiss Franc, digital devices, and various incriminating documents under the provisions of FEMA, 1999. Further investigation is under progress,” they said.
In another press release issued on Thursday, the ED revealed more findings, stating, “Directorate of Enforcement (ED), Jalandhar Zonal Office has conducted search operations at five locations in Mohali (Punjab) and Noida (Uttar Pradesh) on 26.11.2024 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with money laundering investigation against M/s Vuenow Marketing Services Ltd. and related entities and persons.”
“During the search operations, various incriminating documents and records were recovered and seized. ED initiated an investigation on the basis of an FIR registered by Gautam Budh Nagar (Noida) Police, Uttar Pradesh under various sections of BNS, 2023. The FIR was registered on the basis of information shared by ED under PMLA, 2002,” the ED said.
“ED investigation revealed that M/s Vuenow Marketing Services Ltd., in connivance with other entities viz. M/s Vuenow Infotech Pvt. Ltd., M/s Zebyte Infotech Pvt. Ltd., and M/s Zebyte Rental Planet Pvt. Ltd., induced various investors to invest their money in the guise of selling them cloud particles and leasing back those particles (SLB model) on the promise of high rental returns, without having any substantial infrastructure for the same. Further investigation is under progress,” the fresh press release of ED stated. |
