In a major development, the Jalandhar unit of the Enforcement Directorate (ED) on Tuesday arrested a key person associated with Delhi's Vuenow Marketing Services Ltd after a search. Jalandhar Enforcement Directorate (ED) has shared information about this.
As per reports, the accused has been identified as Arif Nisar. Arif Nisar is said to be the Founder of Vuenow Marketing Services Ltd. The search was conducted under the provisions of PMLA 2002 in connection with a money laundering investigation against Vuenow Marketing Services Ltd and related entities and individuals. The ED has been investigating the case against four companies — Veunow Marketing Services Ltd (VMSL), Zebyte Infotech Pvt Ltd (ZIPL), VIPL and ZRPPL. As per reports, Arif was a 75 percent shareholder in ZIPL and as per ED investigations, he was among the key persons who cheated investors.
Arif was arrested from a hotel near the IGI Airport in Delhi and he was brought to Jalandhar office on Tuesday morning. ED Jalandhar arrested Nasir for allegedly not getting full cooperation in the investigation and also seized a large amount of records from him. Based on this further investigation is going on in the case.
Arif Nisar, who was made an accused in the case, was produced before the Special Court (PMLA, Jalandhar) by ED Jalandhar immediately after his arrest. Arif Nisar has been sent on ED remand till March 4 i.e. (8 days). Inquiry will also be done based on other associates and records in the case.
What is a Cloud Particle Scam?
As per LiveLaw, Vuenow Infotech is accused of dishonestly inducing a large number of investors to invest in cloud particles or data center assets by selling them non-existent and insubstantial particles. ZIPL had shown fake purchases of servers from bogus firms and diverted the proceeds of crime to shell entities in the guise of fake purchases of servers. Arif used to reportedly organise events to attract investors and dupe them into buying the cloud particles.
What is the case against Vuenow Marketing Services Ltd?
A case was registered by Gautam Buddha Nagar Police of Noida under various sections of BNS 2023. ED investigation revealed that Vuenow Marketing Services Ltd along with other companies had deceived various investors. They were told to give higher returns under the guise of selling cloud particles and leasing those particles back (SLB model).
While they did not have any infrastructure for this. For a long time, ED Jalandhar has been investigating this matter.
ED took to its X handle and confirmed in a post that reads, "ED, Jalandhar has provisionally attached 6 immovable properties, bank balance in 73 bank accounts and 26 luxury vehicles cumulatively valued at Rs. 178.12 Crore (approx.) on 06.02.2025 under the provisions of PMLA, 2002 in an ongoing investigation against M/s Vuenow Marketing Services Ltd. and others."
Big Boy Toys' role is also suspicious in the case
As per Dainik Bhasker report, the Jalandhar Enforcement Directorate (ED) team of Punjab had searched more than 2 dozen places in Punjab-Haryana and Mumbai. It includes Gurugram, Panchkula, Jind, Mohali, Mumbai, and other districts. This search was done on many companies including Vuenow, and Big Boy Toyz (BBT).
The companies include Vuenow, Big Boy Toyz, Mandeshi Foods Private Limited, Plankdot Private Limited, Byte Canvas LLP, Sky Verse, Sky Link Network, and related entities.
Bought luxury vehicles from income
It has been alleged that Vuenow and other companies associated with it purchased luxury vehicles from the income generated from all these things. Funds were routed through shell companies and further diverted through investment in properties.
Earlier, searches were also conducted on November 26, 2024, at various premises of Vuenow and related entities under the provisions of PMLA, 2002.