Economic Fraud
Rs 3,558 Crore Cloud Server Leasing Scam: Husband-Wife Duo Arrested for Duping Investors with Fake Rental Income Promises
Jalandhar: The Directorate of Enforcement (ED), Jalandhar Zonal Office, has arrested Sukhvinder Singh Kharour, CEO of VueNow Marketing Services Ltd, along with his wife Dimple Kharour, in connection with the massive Rs 3,558 crore cloud particle investment scam. The arrests were made under the Prevention of Money Laundering Act (PMLA), 2002.
According to an ED spokesperson, both accused were attempting to flee the country but were intercepted at Delhi’s IGI Airport due to an active Look Out Circular (LOC) against them. Following their detention, the ED arrested them under Section 19 of the PMLA and presented them before the Special Court (PMLA), Jalandhar. The court granted 10 days custody of Sukhvinder Singh and five days custody of Dimple Kharour to the investigative agency.
Multi-Thousand Crore Ponzi-Like Fraud Uncovered
The ED’s investigation stemmed from an FIR registered by the Gautam Budh Nagar (Noida) Police, Uttar Pradesh, under various sections of the BNS, 2023. This FIR was based on intelligence shared by the ED under Section 66(2) of the PMLA, 2002.
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Preliminary findings reveal that Sukhvinder Singh Kharour, the CEO and founder of the VueNow Group, masterminded a fraudulent scheme that deceived thousands of investors. In collaboration with associates, he orchestrated a massive financial scam under the guise of a “cloud particle investment” scheme, promising lucrative returns through a Sale and Lease Back (SLB) model—which, upon investigation, was found to be non-existent and highly inflated to mislead investors.
How Rs 3,558 Crore Was Laundered
The ED found that the proceeds of crime—amounting to approximately Rs 3,558 crore—were misappropriated for lavish expenditures rather than legitimate business purposes. Funds were systematically siphoned off through:
- High commissions to channel partners to lure more investors.
- Purchasing luxury assets, including premium cars, gold, and diamonds.
- Routing hundreds of crores through shell companies to hide the money trail.
- Investing in high-value properties across various locations.
- Direct transfers to Dimple Kharour’s personal bank accounts and other entities linked to the couple.
Massive Seizures Already in Place
On February 7, the ED had already provisionally attached a massive ₹178.12 crore worth of assets, including:
- Six prime immovable properties
- 73 bank accounts
- 26 high-end luxury vehicles
The ongoing probe is expected to unearth more fraudulent activities and hidden assets, making this one of the biggest financial fraud cases under ED’s radar. Further investigations into the network of shell companies and money trails are underway.