PATNA– Enforcement Directorate has attached assets worth millions linked to a sprawling network of fake call centers. The operation, spanning continents, preyed on unsuspecting foreign nationals, siphoning funds that were then laundered through a complex web of financial transactions.
Unveiling the Scheme
The investigation into this elaborate cyber fraud began with a crucial tip-off from the National Central Bureau of Ireland. They reported a case of an Irish national, Ms. Carmel Fox, falling victim to a scam, with the ill-gotten gains ultimately traced back to India. This initial lead quickly unraveled a larger conspiracy involving multiple fake call centers. These centers, allegedly operated by Sagar Yadav and his Kolkata-based firms, M/s Scrapix Consultancy Services Pvt Ltd and M/s Casanovus Reality Pvt Ltd, were the nerve centers of the illicit operation, targeting foreign nationals with fraudulent schemes.
The Modus Operandi: From Deception to Dirty Money
The fraudsters employed a sophisticated modus operandi to trick their victims. Once the foreign nationals were ensnared, the proceeds of the crime were meticulously transferred to India through various channels designed to obscure their origins. These methods included traditional money transfer services like Western Union and Moneygram, as well as digital platforms such as Rewire and Remitly. Also, cryptocurrencies were also utilized to move the illicit funds, highlighting the evolving tactics of cyber criminals.
Laundering the Loot: A Web of Financial Deceit
Upon reaching India, the ill-gotten gains entered the next phase of their transformation: money laundering. The fraudsters cleverly integrated these funds into legitimate-appearing financial ecosystems. The ED’s investigation revealed that the money was laundered through popular lending applications, including Lenden Club, Lendbox, and Liquiloans. This process aimed to sanitize the dirty money, making it appear as legitimate earnings and further complicating its traceability.
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
Justice Served: Arrests and Asset Seizures
The sustained efforts of the Enforcement Directorate have led to various finding the case. So far, seven individuals have been apprehended in connection with the scam, including the alleged mastermind, Sagar Yadav. Furthermore, the ED has taken decisive action to recover the illicit wealth, attaching assets worth ₹2.83 crore. This includes immovable properties such as land parcels and flats, valued at approximately ₹2.67 crore, and movable properties in the form of Fixed Deposits totaling ₹15.75 Lakh. Multiple charge sheets have been filed, and the investigation remains ongoing, promising further revelations as authorities continue to dismantle this transnational criminal enterprise.
