India, June 24 -- The Mumbai unit of the Enforcement Directorate (ED) has conducted searches at several locations in Maharashtra and Gujarat as part of its money-laundering probe into allegations of bogus Ponzi /multi-level marketing schemes and illegal forex trading against business group, VIPS Group of companies, operated a certain Vinod Khute, his family members and associates.

The searches were conducted on Friday at various locations in Kolhapur, Ahmednagar, Pune and Surat in Gujarat under the provisions of the Prevention of Money Laundering Act. During the course of the search operations, incriminating documents, immovable asset details worth crores of rupees, digital devices and bank funds were seized/frozen. The accused had alleg...