ED, CBI Arrest CAs, Crypto Trader In Rs 640-Crore Cyber Fraud
The Rs 640-crore scam targeted victims through phishing, fake job offers, and task-based frauds, with funds laundered via mule accounts and cryptocurrency platforms.
Indian Rupee notes. (Source: Vijay Sartape/NDTV Profit)
In yet another crackdown on large-scale financial frauds, the Enforcement Directorate and the Central Bureau of Investigation have unearthed a Rs 640-crore cyber scam targeting people via fake jobs, phishing, and betting.
The CBI registered the case based on a written complaint received from the Ministry of Home Affairs. The ED also registered a PMLA case based on CBI's FIR.
The CBI conducted searches at 10 locations in Delhi and surrounding areas, while the ED raided 13 premises in Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata.
According to CBI, the searches resulted in the recovery of various incriminating documents, chequebooks, ATM cards, PAN cards, and digital signatures, and the seizure of unexplained cash amounting to Rs 47 lakh. Further, cryptocurrency worth Rs 1.36 crore has been seized from a private wallet, and various bank accounts have been frozen.
Meanwhile, the ED discovered that fraudsters operating from overseas use digital platforms such as websites, WhatsApp, and Telegram to target victims in India. "They lure individuals through part-time job scams, task-based frauds, and promises of high returns on initial investments. Funds deposited by the victims are quickly transferred through a network of "mule accounts," layered to obscure their origins," it said in a statement.
ED found cyber fraud money to the tune of Rs 640 crore generated through betting, gambling, part-time jobs, and phishing scams. These funds are eventually withdrawn overseas via ATMs or used for wallet top-ups on fintech platforms such as UAE-based Pyypl, and the total amount syphoned by fraudsters stands at about Rs 117 crore.
The ED arrested two chartered accountants, Ajay and Vipin Yadav, and one crypto trader, Jitendra Kasw, under the provisions of PMLA. At the residence of the main accused, CA Ashok Kumar Sharma, the ED team was attacked and restricted with force from entering the premises.
"The investigation is ongoing to identify additional members of the syndicate and trace the complete flow of illicit funds," CBI said.
