Cyber Crime
ED Uncovers Rs 4,900 Crore Cyber Fraud, Arrests Two Accused
NEW DELHI: The Enforcement Directorate (ED) has exposed a massive money laundering operation involving two Delhi-based cybercriminals who allegedly siphoned off over Rs 4,900 crore to foreign locations by misusing special economic zone (SEZ) facilities.
The accused, identified as Punit Kumar alias Puneet Maheshwari alias John , a resident of Moti Nagar, and Ashish Kakkar alias Pablo, a resident of Greater Kailash, were arrested last year in connection with the investigation.
On January 17, the ED announced the attachment of nine residential flats in Delhi and a parcel of agricultural land in Rewari, Haryana, owned by the accused and their families. The agency initiated its probe based on multiple FIRs registered across the country, highlighting online scams, including gaming fraud, multi-level marketing schemes, fake loan disbursal, and investment frauds.
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According to the ED, the accused used fraudulent websites and mobile applications like upbitro.com and taj777.com to deceive victims. Over 200 shell companies, registered under the names of employees such as office boys and drivers, were created to layer and launder the proceeds of crime.
The duo exploited SEZ facilities by obtaining GST registrations and import-export permissions. They imported overvalued goods like rose oil and solar panel machinery from countries including Dubai, Hong Kong, and China. These goods were then re-exported without processing, with no remittances received, enabling circular transactions to funnel illicit funds abroad.
The ED stated that the accused laundered Rs 4,978 crore through these operations. This case underscores the scale of cybercrime and the agency’s efforts to curb financial fraud.
