Vuenow Marketing Services Scam: ED Probes Foreign Links in ₹3,558 Crore Noida-Based IT Fraud

Vuenow Marketing Services Scam: The Enforcement Directorate (ED) is investigating a multi-thousand crore fraud linked to Noida-based Vuenow Marketing Services Ltd (VMSL) and its associated entities. The probe aims to determine whether the company had any foreign links in laundering ₹3,558 crore generated as proceeds of crime.

ED Arrests CEO and Wife While Attempting to Flee

In a major breakthrough, ED arrested VMSL CEO Sukhvinder Singh Kharour and his wife, Dimple Kharour, at Indira Gandhi International Airport while they were trying to flee the country. An active Look Out Circular (LOC) helped immigration officials detain the duo, leading to their arrest on Saturday.

Interestingly, Sukhvinder claimed in court that he and his wife were arrested from Nepal on February 28 at 8 AM. However, the PMLA court in Jalandhar rejected the claim, stating that no supporting documents were provided, and deemed the arrest "fully justified and in accordance with constitutional provisions."

Why ED Needs Custodial Interrogation?

The ED sought custodial interrogation of Sukhvinder and Dimple Kharour to:

Track the money laundering trail and identify properties (movable/immovable) purchased using proceeds of crime.
Investigate foreign linkages in the large-scale fraud and fund diversions.
Recover black money allegedly diverted by Dimple Kharour.
The court granted 10 days' custody for Sukhvinder and 5 days' custody for Dimple to facilitate further investigation.

How the Vuenow Scam Worked – Modus Operandi

VMSL, under its brand "MyCloudParticle," lured investors into a fraudulent cloud storage investment scheme through a sale and leaseback model. The scheme involved:

Investors purchasing cloud storage space ("Cloud Particles") of 1TB each.
Leasing the storage back to VMSL’s marketing affiliates, ZRPPL and ZIPL, for 10 years.
Guaranteed rental returns were promised for 10 years.
The fraudulent model tricked investors into believing they were part of a profitable data center business while the company allegedly diverted funds for illicit activities.

What’s Next in the Investigation?

The ED continues its probe to:

Identify more individuals involved in the scam.
Trace foreign transactions and fund transfers.
Recover properties acquired with laundered money.

This case highlights the growing trend of tech-based investment scams in India and underscores the need for stringent regulatory oversight.