ED raids 19 locations in TN, Kerala, Srinagar in ₹14.95 cr online fraud probe
Synopsis
The ED has raided 19 locations across Tamil Nadu, Kerala, and Srinagar in a ₹14.95 crore online fraud case — uncovering a layered trail of mule accounts, shell companies, and crypto wallets. The arrest of a key accused and the freezing of accounts signal that enforcement is now targeting the digital laundering layer, not just the fraud front-end.
Key Takeaways
The ED raided 19 locations on 10–11 July across Tamil Nadu (16), Kerala (2), and Srinagar (1) under PMLA .
Victims were allegedly defrauded of nearly ₹14.95 crore through fake online investment platforms and 'Work From Home' scams.
Roshan Fiaz identified as a principal accused; allegedly used mule accounts in his own name, his wife's name, and multiple business entities.
Funds were layered through shell companies and converted into cryptocurrency across multiple digital wallets.
Cryptocurrency assets worth ₹3.35 crore and cash of ₹14.50 lakh seized; bank accounts with over ₹40 lakh frozen.
Investigation stems from two FIRs registered by Tamil Nadu and Telangana police; probe is ongoing.
The Directorate of Enforcement (ED) has carried out search operations across Tamil Nadu, Kerala, and Srinagar as part of a money-laundering investigation tied to online investment fraud and fake 'Work From Home' schemes, with victims allegedly defrauded of nearly ₹14.95 crore. The searches, conducted on 10 and 11 July under the Prevention of Money Laundering Act (PMLA), covered 19 locations — 16 in Tamil Nadu, 2 in Kerala, and 1 in Srinagar.
How the Fraud Operated
According to the ED, victims were lured through fraudulent online investment platforms and fake work-from-home portals that promised high returns and commissions. Unsuspecting individuals transferred funds into bank accounts controlled by the accused, with the total proceeds of crime estimated at ₹14.95 crore.
The money was subsequently routed through multiple mule accounts and shell companies, then converted into cryptocurrency and moved across several digital wallets to obscure its origin — a classic layering strategy used in financial crimes.
Key Accused and Modus Operandi
The ED has identified Roshan Fiaz as one of the principal persons allegedly involved in laundering the proceeds of crime. According to investigators, Fiaz and his associates operated multiple mule bank accounts — in their own names, in his wife's name, and through several business entities. Several of the beneficiary accounts were allegedly opened shortly before receiving the fraudulent funds and closed after the money was transferred elsewhere.
The probe further revealed that ₹80,000 from one of the FIRs was transferred to the account of R.K. Electrical, an entity allegedly linked to Fiaz. In a separate case, more than ₹45 lakh was reportedly transferred from another accused's bank account to Fiaz.
What Was Seized
During the searches, the ED seized incriminating documents, digital devices, laptops, mobile phones, bank records, company incorporation documents, and records relating to shell entities. Investigators also secured details of cryptocurrency wallets and virtual digital assets.
Cryptocurrency assets worth approximately ₹3.35 crore and cash amounting to ₹14.50 lakh were seized. Bank accounts holding more than ₹40 lakh were frozen. The agency said further investigation is ongoing.
Background and Investigation Trigger
The ED's action stems from two criminal cases registered by the Tamil Nadu and Telangana police relating to cyber fraud. This comes amid a broader national crackdown on cyber-enabled financial crimes, with enforcement agencies increasingly targeting the cryptocurrency conversion layer that makes such frauds harder to trace. The multi-state nature of the raids — spanning south India and Jammu and Kashmir — signals the geographic spread of the alleged network.
Point of View
Making fund recovery far harder than in traditional hawala networks. The fact that accounts were opened shortly before receiving funds and closed immediately after is a textbook structuring technique — one that banks' KYC systems should, in theory, flag. That it took a criminal complaint and a PMLA probe to surface these accounts points to gaps in real-time financial surveillance. The geographic spread — Tamil Nadu, Kerala, Srinagar — also suggests a distributed operator model designed to frustrate jurisdictional coordination between state police forces.
NationPress
13 Jul 2026
Frequently Asked Questions
What is the ED's money-laundering probe in Tamil Nadu and Kerala about?
The ED is investigating a ₹14.95 crore fraud in which victims were allegedly deceived through fake online investment platforms and 'Work From Home' schemes. The probe, conducted under PMLA, targets how those funds were laundered through mule accounts, shell companies, and cryptocurrency.
Who is Roshan Fiaz and what is his alleged role?
Roshan Fiaz has been identified by the ED as one of the principal persons allegedly involved in laundering the proceeds of crime. He and his associates reportedly operated multiple mule bank accounts and business entities to route and conceal the fraudulent funds.
What was seized during the ED raids on 10–11 July?
The ED seized cryptocurrency assets worth approximately ₹3.35 crore, cash of ₹14.50 lakh, and froze bank accounts holding more than ₹40 lakh. Investigators also recovered digital devices, laptops, mobile phones, bank records, and shell company documents.
Which states were covered in the ED search operations?
The searches covered 19 locations — 16 in Tamil Nadu, 2 in Kerala, and 1 in Srinagar — making it one of the broader multi-state cyber-fraud PMLA operations in recent months.
How were the fraud proceeds allegedly laundered?
According to the ED, funds received from victims were routed through multiple mule accounts and shell companies, then converted into cryptocurrency and transferred across several digital wallets to conceal their origin — a process investigators describe as layering.
