The Enforcement Directorate (ED) has arrested Arif Nisar, founder of Vuenow Marketing Services Limited (VMSL) group, in connection with the “cloud particles [servers]“ case, said an agency official.
The agency earlier found that the masterminds had been committing fraud on the pretext of selling the “cloud particles” to people and leasing them back on the assurance of providing rental income to the investors.
On February 24, the ED searched the Delhi premises of Arif Nisar and arrested him for his alleged role.
The ED probe is based on a First Information Report registered by the Gautam Budh Nagar police in Uttar Pradesh’s Noida.
“ED investigation revealed that Zebyte Infotech Private Limited (ZIPL) and Zebyte Rental Planet Private Limited were rotating money of new investors to the old investors in the guise of sub-lease rent of cloud particles. As such no rental income was generated from any clients who purported to have taken cloud particles on rent,” it said.
“Accused Arif Nisar, who holds 75% 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 to the tune of thousands of crores…,” said the official.
According to the agency, the funds were invested in certain assets and also diverted to the personal accounts of Nisar and others.
Earlier this month, the ED provisionally attached six immovable properties, balance in 73 bank accounts and 26 luxury vehicles, worth ₹178.12 crore, in the same case.
“It is worth mentioning that the key persons of Vuenow group including its CEO Sukhwinder Singh Kharour have been given multiple opportunities to join the investigation and explain their version,” the agency had said, alleging that none of them had turned up.
