The Enforcement Directorate (ED) has arrested two individuals in a ₹ 400 crore cyber fraud network, in which the accused allegedly offered investment schemes and jobs to cheat people, then laundered the money through mule bank accounts and cryptocurrency wallets, officials said.
“…more than 600 cybercrime complaints have surfaced linked to the same network. Proceeds of crime of more than ₹ 400 crore generated from hundreds of cybercrime and online frauds were diverted and layered by the accused persons through a network of mule bank accounts and cryptocurrency transfer,” the agency added.
ED said the fraudsters contacted victims via phone calls and social media platforms, on the pretext of investment schemes, job offers, stock market investments, and other online opportunities. A portion of the money was subsequently withdrawn in cash, while another portion was transferred into cryptocurrency wallets, the agency said. Fiaz, ED said, was a key operator who maintained an extensive chain of mule bank accounts in his own name, his wife’s name and several proprietorship firms. “Debit and credit transactions exceeding ₹ 300 crore were detected in 31 such bank accounts,” ED said.
Once the victims transferred money into bank accounts provided by the fraudsters, the funds were split into smaller amounts and routed through a network of mule accounts to conceal their origin.
Ammar, according to ED, “supplied mule bank accounts of various individuals and entities, along with account kits, net-banking credentials, SIM cards, mobile phones and e-mail IDs to Roshan Fiaz, for receiving INR from crypto buyers”.
