ED Cracks Down on Multi-Crore International Cyber Fraud Syndicate in Pune
New Delhi, July 12 (IANS) The Enforcement Directorate (ED) has successfully busted a large-scale international cyber fraud racket linked to a fake call center operating under the name M/s Magnatel BPS Consultants and LLP. The operations spanned multiple cities, including Pune, Ahmedabad, Jaipur, and Jabalpur.
In an ongoing probe, the ED's Mumbai Zonal Office conducted extensive search operations at various locations, uncovering a high-profile scam targeting U.S. citizens with fraudulent loan offers. The investigation was initiated based on an FIR registered by the Pune Cyber Police against eight individuals accused of orchestrating the con from the 9th floor of the Pride Icon Building in Pune since July 2024.
According to ED findings, the accused posed as bank representatives, luring U.S. citizens into sharing sensitive bank credentials under the guise of offering loans. The stolen data was then used to siphon off millions of dollars, which were routed through U.S.-based accomplices and converted into cryptocurrency, primarily USDT. The digital assets were stored in wallets like Trust Wallet and Exodus Wallet. The laundered money was allegedly sent to India through informal hawala channels (Angadiyas) and encashed in Ahmedabad.
Funds were circulated via mule accounts into the company’s bank accounts to cover operational costs such as rent and software. However, a significant portion was diverted towards personal enrichment, including the purchase of bullion, luxury vehicles, jewelry, and real estate.
During the raids, the ED seized 7 kg of gold, 62 kg of silver, Rs. 1.18 crore in cash, documents linked to immovable assets worth Rs. 9.2 crore, and crucial digital evidence tied to the scam’s operations. In a major breakthrough, two key partners of the firm, Sanjay More and Ajit Soni, were arrested in Jaipur. They are believed to be the masterminds behind the cyber fraud network. The ED has confirmed that further investigation is underway to trace additional culprits and recover more of the defrauded funds.
The Enforcement Directorate's action highlights the growing sophistication of cyber fraud networks and the need for robust measures to combat such crimes. The operation not only demonstrates the effectiveness of law enforcement agencies but also serves as a deterrent to potential fraudsters.
