The High Intensity Unit (HIU) of the Enforcement Directorate (ED) is looking into a large-scale money laundering operation connected to organized cybercrimes such phishing, QR code scams, part-time employment frauds, and phony call centers. In cooperation with the Financial Intelligence Unit (FIU-IND), thousands of cybercrime cases submitted to the Indian Cyber Crime Coordination Centre (i4C) were examined, revealing a complex web of financial activities.
According to the inquiry, a complex operation involving cryptocurrency traders and chartered accountants (CAs) was used to channel the proceeds of cybercrimes. The network allegedly layered illegal funds using almost 15,000 mule bank accounts. These accounts were subsequently connected to credit and debit cards that were used to fund virtual accounts on the cryptocurrency and mobile payment platform Pyypl. The money was converted into cryptocurrencies in order to further launder it.
Today, ED officers searched several places simultaneously as part of a coordinated operation. Suspect CA Ashok Sharma and his brother allegedly attacked an ED official during the search at a site in Brijwasan, Delhi, and then fled after injuring him. A First Information Report (FIR) is being filed in the matter, and the ED has verified that attempts are being made to capture the suspects.
Incriminating materials connected to the cybercrime network were found by ED during the raids. The investigation’s scope points to a well-coordinated syndicate that hid the trail of illegal funds by taking advantage of virtual currencies and digital payment methods.
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