New Delhi, July 12
The Enforcement Directorate (ED) has busted a massive international cyber fraud racket linked to a fake call centre operating under the name M/s Magnatel BPS Consultants and LLP, with operations spanning Pune, Ahmedabad, Jaipur, and Jabalpur.
In an ongoing probe, the ED's Mumbai Zonal Office conducted extensive search operations at multiple locations, unearthing a high-profile scam targeting U.S. citizens with fraudulent loan offers.
The investigation stems from an FIR registered by Pune Cyber Police against eight individuals, accusing them of orchestrating the con from the 9th floor of Pride Icon Building in Pune since July 2024.
According to ED findings, the accused posed as bank representatives, luring U.S. citizens into sharing sensitive bank credentials under the pretext of offering loans. The stolen data was then used to siphon off millions of dollars, routed through U.S.-based accomplices and converted into cryptocurrency, primarily USDT.
The digital assets were stored in wallets like Trust Wallet and Exodus Wallet. The laundered money was allegedly sent to India through informal hawala channels (Angadiyas) and encashed in Ahmedabad.
Funds were circulated via mule accounts into the company’s bank accounts to cover operational costs such as rent and software.
However, a major chunk was diverted towards personal enrichment, including the purchase of bullion, luxury vehicles, jewellery, and real estate.
During raids, the ED seized 7 kg of gold, 62 kg of silver, Rs. 1.18 crore in cash, documents linked to immovable assets worth Rs. 9.2 crore, and crucial digital evidence tied to the scam’s operations.
In a major breakthrough, two key partners of the firm - Sanjay More and Ajit Soni - were arrested in Jaipur.
They are believed to be the masterminds behind the cyber fraud network. The ED has confirmed that further investigation is underway to trace additional culprits and recover more of the defrauded funds.