The Enforcement Directorate (ED) executed simultaneous raids at 11 locations spanning Delhi, Gurugram, Noida, and Dehradun on Thursday, as part of an ongoing probe into a ₹260 crore alleged global cyber-fraud network linked to Indian shell companies and foreign nexuses (thenewsmill.com).
The sweeping operation targeted prominent professionals, corporate fronts, and offshore-connected entities suspected of orchestrating phishing campaigns and fraudulent remittances to launder proceeds abroad. ED teams in plain clothes arrived pre-dawn and remained on-site for hours, seizing digital records, laptops, bank files, and documents related to suspicious international transactions.
Cyber Sleuthing Meets Financial Enforcement
Sources within the ED revealed that the case involves sophisticated cyberattacks and fake investment schemes that defrauded victims domestically and overseas. Allegedly, the fraudsters employed advanced phishing methods to compromise business executives’ emails and UPI wallets. The bulk of the fictitious funds—estimated at ₹260 crore—was laundered through offshore channels and layered via shell firms registered in India.
Financial investigators uncovered unexplained fund flows to accounts linked with so-called “grey-list” jurisdictions. Authorities are now analysing property ownerships, digitally signed documents, and cross-border bank transfers to trace originators of the scam.
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Financial Forensics and Legal Ramifications
Seized items include bank account KYC records, drafts of forged documents, mobile phones containing WhatsApp chats, and undeclared foreign currency holdings. ED officials say they will soon issue summons for forensic audits alongside provisional attachment notices under the
Prevention of Money Laundering Act (PMLA), 2002.
While no public arrests have been announced yet, the preliminary raids and data confiscation signal that multiple individuals—both promoters and facilitators—are under the agency’s radar. The investigation is being coordinated with CYBERIL India, the Indian Cyber Crime Coordination Centre, and may lead to mutual legal assistance (MLA) requests for overseas jurisdictions.
This case marks one of the largest cyber-fraud probes handled by ED in recent years, reflecting rising complexities in transnational financial crimes.