The Directorate of Enforcement (ED) has conducted search operations at multiple locations in Haryana, Punjab, and Maharashtra. This search operation was a part of an ongoing investigation into a money laundering case that involved Vuenow Marketing Services Ltd.
On 20 January, Monday, ED has given information about the case. In which it has been said that raids were conducted in a total of 11 places in the money laundering case.
ED has shared a post on X informing about the search operations. The post reads, “ED, Jalandhar has conducted search operations on 17.01.2025 at eleven locations in Gurugram, Panchkula, Jind, (Haryana), Mohali (Punjab) and Mumbai (Maharashtra) covering residential and business premises of 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 related entities & persons under the provisions of the PMLA, 2002 in connection with money laundering investigation against M/s Vuenow Marketing Services Ltd. During the search operations, various luxury vehicles, unexplained cash amounting to Rs. 3 Lakh, incriminating documents, records and digital devices were seized.”
A total of 2 luxury cars and 3 lakh cash have been seized from 6 companies including Vuenow Marketing Services, Big Boy Toys in Gurugram, Panchkula, Jind, Mohali and Mumbai.
ED said that from 17 to 20 January, their team reached the offices and homes of people associated with Vuenow Infratech Limited, Big Boy Toys, Mandeshi Foods Private Limited, Planckdot Private Limited, Bytecanvass LLP, Skyverse, Skylink Network and related organizations.
This raid was conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with the money laundering investigation against Vuenow Marketing Services Limited.
During the raid, many items including a Land Cruiser (2.20 crores), Mercedes G-Wagon (4 crores), Rs 3 lakh cash, objectionable documents, records and digital devices have been seized as well.
The ED investigation revealed that Vuenow Marketing Services Limited, along with other companies, duped various investors. This company allegedly induced investors to purchase cloud particles and lease them back under the SLB model, promising rental returns.
Funds worth hundreds of rupees were routed through shell companies and further diverted through investment in properties. However, this is not the first time the ED has raided properties linked to Vuenow Marketing Services Ltd. Previously, in November 2024, under the provisions of PMLA, 2002, searches were conducted at various premises of Vuenow Marketing Services Limited and related entities.
The investigation is underway. ED officials are working to uncover further details and bring those responsible for the money laundering scheme to justice.