The Enforcement Directorate’s (ED) High-Intensity Unit (HIU) has intensified its money laundering probe into a sophisticated cybercrime syndicate operating across India. The investigation follows thousands of complaints involving phishing, QR code scams, fraudulent job offers, and call centre-based fraud, meticulously analysed with support from the Financial Intelligence Unit-India (FIU-IND).
During a search operation at a residence in Brijwasan, Delhi, tensions escalated when suspect Chartered Accountant Ashok Sharma and his brother allegedly assaulted an ED officer. The duo managed to flee, leaving one official injured. The ED confirmed that a First Information Report (FIR) is being registered regarding the assault.
Complex Financial Network Unveiled
Investigations by the ED have exposed a complex web of financial transactions involving Chartered Accountants and cryptocurrency traders. The syndicate reportedly used around 15,000 mule bank accounts to funnel the proceeds of cybercrimes. These accounts, tied to debit and credit cards, were leveraged to top up virtual accounts on Pyypl, a non-bank digital financial platform offering prepaid Visa cards and cryptocurrency services.
Once deposited into Pyypl accounts, the illicit funds were converted into cryptocurrencies, further complicating the money trail.
Nationwide Raids and Key Seizures
The ED’s HIU conducted simultaneous raids across Delhi, metropolitan cities, and smaller towns, uncovering crucial evidence linked to the syndicate. Officials seized a range of materials, including:
- Documents and digital evidence associated with mule accounts.
- Electronic devices, such as laptops, smartphones, and external hard drives.
- Financial instruments, including debit and credit cards linked to illicit fund transfers.
- Cryptocurrency wallets and transaction records, detailing how the laundered money was layered and moved across platforms.
The seized materials are now under intense scrutiny, with several individuals connected to the operation being interrogated.
Escalating Efforts Against Cybercrime
The investigation highlights the evolving tactics employed by cybercriminals and the challenges faced by enforcement agencies in tracing digital money trails. ED officials remain committed to dismantling the network, ensuring that perpetrators are brought to justice.
The case underscores the growing risks associated with cryptocurrency and digital financial services when misused for illegal activities, reinforcing the need for heightened regulatory oversight.
