ED Raids Uncover Global Cyber Fraud Ring Worth ₹260 Crore
The Enforcement Directorate conducted raids in Delhi, Noida, Gurugram, and Dehradun, dismantling a global cyber fraud operation. The fraudsters allegedly duped Indian and foreign nationals of crores by impersonating police, agency officers, and tech support from companies like Microsoft and Amazon. The criminal proceeds, estimated at ₹260 crore, were converted into Bitcoin and transferred to the UAE through hawala channels. The money laundering investigation is based on FIRs previously filed by the CBI and Delhi Police.
Unpacked:
Fraudsters posed as police officers, law enforcement agents, or tech support from companies like Microsoft and Amazon, threatening victims with arrest or legal consequences. They manipulated victims through fear tactics, sometimes convincing them their devices were compromised, and coerced them into transferring large sums of money or granting remote access to their devices.
Hawala is an informal, unregulated money transfer system that operates outside traditional banking channels. In this case, the fraudsters used hawala operators to covertly move the proceeds—converted into cryptocurrency—from India to the UAE, making it difficult for authorities to track the financial flows.
The investigation is being conducted under the Prevention of Money Laundering Act (PMLA), 2002, and is based on First Information Reports (FIRs) previously filed by the Central Bureau of Investigation (CBI) and Delhi Police. These laws target money laundering and organized financial crime.
As of the latest reports, the Enforcement Directorate's raids aimed to seize digital devices, crypto transaction records, and assets linked to the laundering operation. While the summary does not specify arrests, the operation's goal includes identifying key operatives and disrupting the syndicate's financial trails. Further details are awaited as the investigation progresses.