ED Cracks Down on Multi-Crore International Cyber Fraud Syndicate in Pune
The Enforcement Directorate (ED) has dismantled a massive international cyber fraud ring operating from Pune, recovering significant assets and arresting key perpetrators.
Cyber FraudEdPuneHawalaCryptocurrencyReal Estate PuneJul 12, 2025
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.
Frequently Asked Questions
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a law enforcement agency in India responsible for enforcing economic laws and fighting economic crimes. It operates under the Ministry of Finance.
How did the ED uncover the cyber fraud ring?
The ED uncovered the cyber fraud ring through extensive search operations and an ongoing probe based on an FIR registered by the Pune Cyber Police. The investigation involved tracking the flow of funds and digital evidence.
What were the primary targets of the scam?
The primary targets of the scam were U.S. citizens who were lured into sharing sensitive bank credentials under the pretext of fraudulent loan offers.
What assets were seized during the raids?
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.
Who are the key figures arrested in this operation?
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.
Related News Articles
Mumbai's Political Pulse: 2024 Lok Sabha Elections Results and Predictions
The financial capital of India, Mumbai, is a crucial battleground in the 2024 Lok Sabha elections. With six parliamentary constituencies, the city's political landscape is set to witness a thrilling contest.
MahaRERA to Conduct Fifth Exam for Real Estate Agents in Maharashtra to Ensure Compliance
Over 5,000 real estate agents to appear for the competency examination, with 9,295 agents already cleared in previous batches
Tax Relief for Real Estate Investors: Govt Offers Choice Between Old and New LTCG Regimes
Real estate investors can now choose between old and new long-term capital gains (LTCG) regimes, offering relief on tax liability.
Arkade Developers: A Leading Player in Mumbai's Real Estate Market
Arkade Developers is a prominent real estate developer in Mumbai, known for its premium aspirational lifestyle residential projects. The company has a strong track record of delivering successful projects in the western and eastern suburbs of Mumbai.
Shriram Properties Stock Soars 7% After Acquiring 6-Acre Land in Pune
Shares of Shriram Properties, a prominent South India-based real estate developer, jumped nearly 7% after the company signed a Joint Development Agreement (JDA) for a 6-acre land parcel in Pune. The project has a revenue potential of Rs. 700-750 crore.
Economic Survey Points to Real Estate Boom, Projecting Demand to Reach 93 Million by 2036
The residential property market has hit an 11-year high in sales volume during the first half of 2024. The Economic Survey highlights the robust growth in the real estate sector and projects a surge in demand, anticipating it to reach 93 million units by