The Enforcement Directorate (ED) carried out searches in various states related to a Rs 2.60 crore cyber-fraud case, seizing Rs 1.5 crore in cash, foreign currency worth Rs 2 crore, jewelry valued at Rs 1.5 crore, and luxury cars. Officials also confiscated digital devices and financial records during the operation in Panaji, Goa. The ED conducted these searches under the Prevention of Money Laundering Act (PMLA), 2002.
In one instance, the cyber-fraud syndicate defrauded a senior citizen of Rs 2.60 crore by falsely detaining her digitally. The ED’s investigation, triggered by a Cyber Crime Police Station FIR, uncovered a network that launders cybercrime proceeds out of the country. The fraudsters employed intricate methods to move funds through multiple bank accounts and shell companies to obscure their trail.
The illicit funds were channeled through a complex web of accounts and shell companies before being reintroduced into the formal banking system. The ED revealed that the money was converted into foreign currencies and moved out of India through various means. The search operations targeted individuals and entities involved in this money laundering network, resulting in the seizure of cash, foreign currency, jewelry, vehicles, and other assets.
