Noida Tech Firm Founder Refused Interim Bail In Rs 3,558 Crore Scam
New Delhi:
The Supreme Court on Thursday refused to grant interim bail on medical grounds to the founder of a Noida tech firm, Arif Nisar, who is a key accused in a money laundering case linked to Vuenow Marketing Services over rotating money between old and new investors in the guise of sub-leasing cloud particles.
Counsel appearing for Nisar told the bench of Justice PK Mishra and Justice Manmohan that he needs an injection and a surgery to save the eyesight of his right eye. However, the top court noted that there were no such recommendations by the doctors on the need for his hospitalisation.
At this point, Nisar asked for a fresh examination by doctors, but the court refused his request.
The top court granted him the liberty to approach the high court if the doctor recommended hospitalisation.
The Enforcement Directorate (ED) arrested Nisar, a key figure in Vuenow Marketing Services Ltd, as part of a money laundering investigation linked to the company and its associated entities. The probe agency in its investigation said that Zebyte Infotech Private Limited (ZIPL) and Zebyte Rental Planet Private Limited, affiliates of Vuenow Group, were rotating the money of new investors to the old ones 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, the Enforcement Directorate said.
According to the Enforcement Directorate, 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.
Kahrour is said to be the mastermind behind this alleged scam.
The ED had also arrested Vuenow Group chief executive officer Sukhvinder Singh Kharour and his wife Dimple Kharour, who are allegedly involved in cheating people on the pretext of selling to them "cloud particles (servers)" and leasing them back on the assurance of providing monthly rental income to the investors.
The probe agency said that funds to the tune of Rs 3,558 crore were raised through the alleged scam.
What is the scam
The case stems from an allegation that promoters and directors of these firms were running a scheme in which they lured people into investing in cloud particles or servers, for which they offered guaranteed rental returns of 48 percent per annum. They allegedly told the investors they would rent out these cloud particles to clients, and the rental income would go to them.
But, it is alleged by the probe agency that there were no clients.
Instead, new investors were brought in to pay the old investors, using the bank accounts of sister firms Zebyte Rental Planet Pvt Ltd (ZRPPL) and Zebyte Infotech Pvt Ltd (ZIPL).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
35 minutes ago
- Indian Express
Nigerian man arrested in Mohali with 540 g of high-grade cocaine: police
Under their state-wide 'War Against Drugs' campaign, Punjab Police on Monday claimed to have arrested a Nigerian citizen in Mohali with 540 g of high-grade cocaine and Rs 10,000 believed to be proceeds from illegal drugs sales. Echzoaa Ezeawna Rio Abrnr, originally from Awka, Imo state, Nigeria, was stopped at a checkpoint near Golden Estate, Kharar, the police said. He lived at Golden Estate, Sector 115, Khooni Majra, Kharar. A search of his backpack yielded 540 g of cocaine, Rs 10,000 in cash, eight large and 10 small empty sachets, a digital scale, a steel spoon, a roll of tape marked 'Zomato', and assorted coloured rubber bands, according to the police. 'Preliminary interrogation reveals he brought the entire consignment from the NCR-Delhi and targeted college and university students in Kharar,' said Harmandeep Singh Hans, Senior Superintendent of Police. The accused was produced before a magistrate, who remanded him in police custody for two days. His mobile phone has been handed over to a forensic team to trace the wider drug network, and further arrests are expected. The operation was led by Superintendent of Police (Rural) Manpreet Singh and Deputy Superintendent of Police Karan Singh Sandhu, with Sadar Kharar Station House Officer Amarinder Singh supervising it. An FIR was registered at the Kharar Sadar police station on June 21 under section 21 of the Narcotic Drugs and Psychotropic Substances Act.
Indian Express
44 minutes ago
- Indian Express
MHADA reduces prices for more than 6,200 EWS houses in Thane district
The Konkan Housing and Area Development Board (KHADB), which falls under the Maharashtra Housing and Area Development Authority (MHADA), recently reduced the sale prices of 6,248 houses under the Pradhan Mantri Awas Yojana (Urban) in Thane district. These residences in Shirgaon and Khoni villages of Kalyan are now on sale at revised rates on a 'First Come, First Served' basis. 'The price cuts are intended to benefit residents of the EWS (Economically Weaker Section) category,' said Revati Gaikar, Chief Officer, KHADB. 'Eligible homebuyers are invited to apply for the scheme while stocks last,' she added. Sanjeev Jaiswal, Vice President and CEO, MHADA, approved the price revision. The sale price of 5,236 units in Shirgaon has been reduced by Rs 1,43,404 per unit from Rs 2,072,146. The new sale price of each of these units is now Rs 19,28,742. The cost of 1,012 houses in Khoni has been reduced by Rs 1,01,800 per unit from the original price of Rs 2,013,500. The homes are now up for sale at a new rate of Rs 19,11,700 each.
Time of India
an hour ago
- Time of India
Spike in AED-INR transfers: What's driving Indians in UAE to remit more funds;
Many NRIs in the UAE and Saudi Arabia are rushing to send money home as rupee weakens against the UAE dirham. Rupee is now hovering around Rs 23.5 per AED, its lowest level since early April, triggering a spike in remittances across the region. Currency exchange firms across the Gulf have reported a clear uptick in AED-INR transactions since Thursday, June 19. Industry insiders said that many expats are not waiting for the rupee to weaken further and are remitting funds as soon as they have spare cash. 'Last Thursday was one of the best days in recent weeks for AED-INR remittances,' a senior official at a UAE-based exchange house told Gulf News. 'Even though the rupee briefly strengthened to 23.46, most expats continued to send funds.' Typically, June sees a slowdown in remittances due to higher summer travel and holiday expenses among expats. But this year, the attractive exchange rate appears to have changed that trend, with transactions remaining strong over the weekend and expected to stay high until Monday. Exchange house executives suggest the trend could continue if the rupee stays weak or slips further into July. 'If the levels stay the same - or even drops further - by July, that's a double win for them,' said another official. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Interestingly, the surge in remittances has occurred amid the ongoing geopolitical tension, particularly the ongoing Israel-Iran conflict. Traditionally, such instability strengthens the US dollar as investors seek a safe haven. However, this time gold has taken that role, while the dollar has remained relatively soft, a factor supporting the rupee's position. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
