New Delhi [India], January 22 (HBTV): The Enforcement Directorate (ED) has seized luxury vehicles, cash amounting to INR 3 lakh, incriminating documents, records, and digital devices during multi-state raids in connection with a money laundering investigation involving Vuenow Marketing Services Ltd, the agency announced on Monday.

The ED's Jalandhar Zonal Office conducted searches on January 17 at eleven locations, including Gurugram, Panchkula, and Jind in Haryana; Mohali in Punjab; and Mumbai in Maharashtra. The raids targeted the residential and business premises of Vuenow Infratech Limited, Big Boy Toyz, Mandeshi Foods Pvt Ltd, Planckdot Pvt Ltd, Bytecanvass LLP, Skyverse, Skylink Network, and related entities under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The investigation stemmed from a First Information Report (FIR) registered by Gautam Budh Nagar (Noida) Police in Uttar Pradesh under various sections of the Bharatiya Nyay Sanhita (BNS), 2023. The FIR was filed based on information shared by the ED under the PMLA framework.

According to the ED, Vuenow Marketing Services Ltd (VMSL), in collusion with other group entities, lured investors into schemes promising high rental returns under the guise of selling and leasing back cloud particles (SLB model). However, the company lacked substantial infrastructure to support these claims.

The investigation revealed that the proceeds of crime generated from these fraudulent activities were diverted by VMSL and its group companies. The funds, amounting to hundreds of crores, were allegedly used to purchase luxury vehicles, routed through shell entities, and invested in properties.

Previously, searches were conducted at the premises of VMSL and associated entities on November 26 last year under the provisions of the PMLA, 2002.

The ED has stated that further investigations are underway, and additional details are awaited.

(ANI)