ED arrests two money launderers in ₹30,000 crore cyber fraud probe
Enforcement Directorate arrests two accused in sprawling cyber fraud investigation uncovering ₹30,000 crore in suspect transactions across 20 states.
The Enforcement Directorate has produced two accused money launderers before a special court in Panaji seeking custody for questioning in a sprawling cyber fraud investigation that has unearthed ₹30,000 crore in suspect transactions across the country. Fahim Moin Hussain Sayed and Naim Mueen Sayyed were arrested Sunday in Mumbai and brought to Goa on transit remand.
Origin in Goa woman's ₹2.60 crore loss
The ED launched its money laundering probe after a Goa woman was allegedly defrauded of ₹2.60 crore between May and June 2025, tricked into transferring funds to "Secret Supervision Accounts" following a digital arrest. Investigators traced the stolen money through bank accounts before it was withdrawn as cash and converted into foreign currency using RBI-licensed money changers.
Network linked to 300 complaints, 20 states
The agency suspects the criminal network is behind bank transactions worth ₹27,000 crore and cash dealings of ₹3,000 crore, with the racket surfacing in approximately 300 victim complaints and 150–160 FIRs filed across 20 states and Union Territories. Sources estimate the total fraud reported by victims at around ₹4,000 crore.
Shell companies, dummy directors
Two rounds of searches in Goa and Mumbai in July, and a third on August 21, yielded seizures of approximately ₹3.25 crore in cash. The money trail revealed that shell or dummy companies in the network had drivers and employees living in single-room accommodations listed as directors, a standard method in such schemes.
The case is registered in Panaji and being prosecuted under the Prevention of Money Laundering Act.
Source: The Hindu
Frequently asked questions
What is the total amount involved in this cyber fraud investigation?
The Enforcement Directorate has unearthed ₹30,000 crore in suspect transactions across the country. This comprises ₹27,000 crore in bank transactions and ₹3,000 crore in cash dealings, with victims reporting approximately ₹4,000 crore in total fraud.
How did the ED investigation begin?
The investigation began after a Goa woman was allegedly defrauded of ₹2.60 crore between May and June 2025. She was tricked into transferring funds to 'Secret Supervision Accounts' following a digital arrest scam.
What was the scale of the criminal network?
The criminal network is suspected to be behind approximately 300 victim complaints and 150–160 FIRs filed across 20 states and Union Territories.
How did the launderers convert the stolen money?
The stolen money was traced through bank accounts, then withdrawn as cash and converted into foreign currency using RBI-licensed money changers.
What methods did the network use to conceal their activities?
The network used shell or dummy companies with drivers and employees living in single-room accommodations listed as directors, a standard method to disguise the source of funds in money laundering schemes.
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