Cyber Awareness

ED Arrests Two in ₹400-Crore Cyber Fraud Scheme, Uncovers 600 Complaints

By Neeraj Chauhan

The Enforcement Directorate (ED) has arrested Roshan Fiaz and Ammar in a cyber fraud network that allegedly generated more than ₹400 crore. The scheme involved offering investment schemes, job opportunities, and stock market investments through phone calls and social media. Victims were persuaded to transfer money into accounts provided by the fraudsters. The funds were then split into smaller amounts and routed through a network of mule bank accounts to conceal their origin. A portion of the money was withdrawn in cash, while another portion was transferred into cryptocurrency wallets, particularly Tether (USDT). The ED’s investigation, conducted under the Prevention of Money Laundering Act (PMLA), stems from a dozen first information reports (FIRs) registered across Telangana, Tamil Nadu, Karnataka and West Bengal. The agency identified more than 600 cybercrime complaints linked to the same network. Fiaz was described as a key operator who maintained an extensive chain of mule bank accounts in his own name, his wife’s name and several proprietorship firms, with debit and credit transactions exceeding ₹300 crore detected in 31 such accounts. Ammar supplied mule bank accounts of various individuals and entities, along with account kits, net‑banking credentials, SIM cards, mobile phones and e‑mail IDs to Fiaz for receiving money from crypto buyers. The arrests were made last week, and the ED released a statement on Thursday evening detailing the findings.