New Delhi [India], February 25 (ANI): The Enforcement Directorate (ED) has arrested Arif Nisar, a key figure in Vuenow Marketing Services Ltd, in Delhi as part of a money laundering investigation linked to the company and its associated entities, said the agency in a statement on Tuesday.
As per the ED, Nisar, who holds a 75 per cent stake in Zebyte Infotech Pvt Ltd (ZIPL) and is a mentor and founder of the VMSL group, was arrested on Monday, February 24, following a search operation at his premises under the Prevention of Money Laundering Act (PMLA), 2002.
https://x.com/dir_ed/status/1894384163077464158
The agency said ED’s Jalandhar zonal office arrested Nisar and seized various incriminating documents and records during searches. Nisar was later produced before a special court in Jalandhar, which granted his 8 days of custody on ED remand till March 4.
ED initiated an investigation on the basis of a First Information Report (FIR) registered by Gautam Budh Nagar (Noida) Police, Uttar Pradesh, under various sections of Bharatiya Nyay Sanhita (BNS), 2023. The FIR was registered on the basis of information shared by the ED.
ED said its investigation revealed that Zebyte Infotech Pvt Ltd and Zebyte Rental Planet Pvt Ltd were rotating money from new investors to old investors under the guise of subleasing cloud particles. “As such, no rental income was generated from any clients who purported to have taken cloud particles on rent.”
As per the ED, Nisar, who holds 75 per cent shareholding in ZIPL, is a mentor and founder of VMSL group and a close associate of Sukhvinder Singh Kharour, in connivance with other persons, generated Proceeds of Crime (POC) to the tune of thousands of crores by inducing various investors to invest their money in the guise of selling them cloud particles and leasing back those particles (SLB model) on promise of high rental returns, without having any substantial infrastructure and clients for the same. “The POC was invested in the purchase of assets and also diverted in personal accounts of Arif Nisar and others.”
Earlier, searches were also conducted at various premises of Vuenow Marketing Services Ltd and related entities under provisions of PMLA on November 26 last year and January 17 this year. (ANI)
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