New Delhi [India] November 28 (ANI): The Enforcement Directorate (ED) recovered and seized various incriminating documents and records during searches conducted at five locations in Punjab’s Mohali (Punjab) and Uttar Pradesh’s Noida in connection with a money laundering investigation against Vuenow Marketing Services Ltd and related entities and persons, agency said on Thursday.
ED’s Jalandhar Zonal office carried out the search operation on November 26 based on its investigation initiated on the basis of a First Information Report (FIR) registered by Gautam Budh Nagar (Noida) Police, Uttar Pradesh, under various sections of Bharatiya Nyaya Sanhita (BNS), 2023.
The FIR was registered on the basis of information shared by ED under the Prevention of Money Laundering Act (PMLA), 2002.
ED investigation revealed that Vuenow Marketing Services Ltd in connivance with other entities like Vuenow Infotech Pvt Ltd, Zebyte Infotech Pvt Ltd and Zebyte Rental Planet Pvt Ltd induced various investors to invest their money in the guise of selling them cloud particles and leasing back those particles (SLB model) on the promise of high rental returns, without having any substantial infrastructure for the same.
Earlier, ED said, searches were also conducted at various premises of Vuenow Marketing Services Ltd and related entities under the Foreign Exchange Management Act (FEMA), 1999 on October 17, 2024. (ANI)
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