How Did the ED Uncover a Multi-Crore International Cyber Fraud Syndicate Operating from Pune?
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Synopsis
The Enforcement Directorate has cracked down on a major international cyber fraud scheme, revealing the intricate operations of a fraudulent call center. Discover how these scammers targeted unsuspecting U.S. citizens and what actions are being taken to recover stolen funds.
Key Takeaways
- International cyber fraud schemes are increasingly sophisticated.
- The ED is proactive in investigating and dismantling such operations.
- Victims of scams must be vigilant and report suspicious activities.
- Authorities are enhancing measures to recover stolen assets.
- Collaboration with international agencies is key to tackling cybercrime.
New Delhi, July 12 (NationPress) The Enforcement Directorate (ED) has successfully dismantled a significant international cyber fraud operation associated with a fraudulent call center known as M/s Magnatel BPS Consultants and LLP. This operation extended across various cities including Pune, Ahmedabad, Jaipur, and Jabalpur.
As part of an ongoing investigation, the ED's Mumbai Zonal Office executed thorough search operations at several locations, revealing a high-profile scheme aimed at defrauding U.S. citizens through bogus loan offers.
This investigation originated from an FIR filed by Pune Cyber Police against eight suspects, who have been accused of conducting the scam from the 9th floor of the Pride Icon Building in Pune since July 2024.
The ED's findings indicate that the perpetrators impersonated bank officials, enticing U.S. citizens to disclose sensitive banking information under the guise of loan assistance. The stolen information was subsequently exploited to embezzle millions of dollars, which were funneled through accomplices in the U.S. and converted into cryptocurrency, predominantly USDT.
The digital currencies were held in wallets like Trust Wallet and Exodus Wallet. Allegedly, the laundered funds were transferred to India via informal hawala channels (Angadiyas) and cashed out in Ahmedabad.
Funds were funneled through mule accounts into the firm’s bank accounts to manage operational expenses such as rent and software.
However, a substantial portion was redirected towards personal gain, including the acquisition of bullion, luxury cars, jewelry, and real estate.
During the raids, the ED confiscated 7 kg of gold, 62 kg of silver, ₹1.18 crore in cash, documents linked to assets worth ₹9.2 crore, and vital digital evidence related to the scam's operations.
In a significant development, two main partners of the firm - Sanjay More and Ajit Soni - were apprehended in Jaipur.
They are suspected to be the masterminds behind the cyber fraud scheme. The ED has confirmed that further inquiries are ongoing to uncover additional suspects and recover more of the defrauded assets.
Point of View
It is imperative to highlight the swift actions of the Enforcement Directorate in combating cybercrime. This case not only underscores the increasing sophistication of fraudsters but also reinforces the commitment of Indian authorities to protect citizens from such malicious activities. NationPress stands firmly with the ED's endeavors to ensure justice and accountability.
NationPress
21/07/2025
Frequently Asked Questions
What is the nature of the fraud uncovered by the ED?
The ED uncovered a significant international cyber fraud scheme involving a fake call center that targeted U.S. citizens with fraudulent loan offers.
Where were the operations of the fraud syndicate located?
The operations were based in Pune, with extensions to Ahmedabad, Jaipur, and Jabalpur.
What actions were taken by the ED during the investigation?
The ED conducted extensive search operations, leading to the seizure of gold, silver, cash, and crucial documents related to the scam.
Who were the key individuals arrested in connection to the fraud?
Two main partners, Sanjay More and Ajit Soni, were arrested in Jaipur and are believed to be the masterminds of the operation.
What measures are being taken to recover the lost funds?
The ED is continuing its investigation to trace additional suspects and recover more of the defrauded assets.
