ED Raids Unearth Fraudulent Investment Scheme in Punjab and Noida

The Enforcement Directorate conducted searches in Punjab and Uttar Pradesh, seizing key documents related to a money laundering scam linked to Vuenow Marketing Services Ltd. The investigation revealed fraudulent investment promises disguised as cloud particle trading. Previous searches under FEMA were conducted in October 2024.

The Enforcement Directorate (ED) has conducted extensive searches at five locations in Punjab's Mohali and Uttar Pradesh's Noida. These operations were part of an investigation into a money laundering case involving Vuenow Marketing Services Ltd and affiliated entities.

According to the agency, the operation was executed by the ED's Jalandhar Zonal office on November 26, following an FIR lodged by the Gautam Budh Nagar Police in Noida. The FIR was based on evidence provided by the ED under the Prevention of Money Laundering Act (PMLA), 2002.

The ED uncovered that Vuenow Marketing Services Ltd, alongside connected firms like Vuenow Infotech Pvt Ltd and Zebyte Infotech Pvt Ltd, allegedly misled investors by promoting a fake cloud particle investment scheme. Promising high rental returns, these schemes lacked substantial infrastructure. Previously, the ED conducted similar searches under the Foreign Exchange Management Act (FEMA), 1999 in October 2024.

(With inputs from agencies.)