ED Cracks Down on Rs 640 Crore Cyber Fraud: Cryptocurrency and Cash Seized

The Enforcement Directorate (ED) seized cryptocurrency and cash in a sweeping investigation into a massive Rs 640 crore money laundering case related to cyber fraud. The operation led to multiple arrests and documented evidence gathering across several Indian cities, unveiling a sophisticated money laundering network.

In a major breakthrough, the Enforcement Directorate (ED) has seized cryptocurrency worth Rs 1.36 crore and unexplained cash amounting to Rs 47 lakh as part of an expansive probe into a Rs 640 crore money laundering case. This investigation is linked to cyber fraud involving betting, gambling, part-time job scams, and phishing operations.

The operation, conducted from November 28 to November 30, covered 13 locations across Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata. The search led to the recovery of incriminating documents, cheque books, ATM cards, and digital signatures, alongside the cryptocurrency and cash seizure.

This investigation was initiated following FIRs by the CBI's Economic Offences Wing in relation to money siphoned via over 5000 mule Indian bank accounts and uploaded on a UAE-based payment platform. The ED has arrested several individuals including CAs Ajay and Vipin Yadav and crypto trader Jitendra Kaswan, revealing a nexus aiding in the laundering process.

(With inputs from agencies.)