The Enforcement Directorate (ED) has arrested four individuals from Pallipattu in Tamil Nadu in connection with a cyber fraud case involving Rs 2.6 crore. The accused allegedly posed as a CBI officer and were involved in a complex operation that included incorporating shell companies and opening bank accounts to launder the proceeds of crime (PoC) obtained from cyber scams.
These individuals were apprehended on September 13, following an investigation into the fraudulent activities. The ED said that their investigation revealed that the accused had established shell companies to facilitate the laundering of funds obtained through various cyber scams.
A Special Court in Bengaluru has granted the ED custody of the four accused for a period of four days, allowing further interrogation and investigation into the case. In addition to the arrests, the ED has frozen Rs 2.8 crore in a bank account belonging to one of the shell companies, Cyberforest Technology Private Limited, which was used in the laundering operations.
Meanwhile, police in Thane city, Maharashtra, have registered a case against two individuals accused of defrauding people of Rs 6.25 crore by offering attractive investment returns. The suspects allegedly persuaded people to invest in their company, Money Maker Malkan, falsely claiming it was licensed by the Ministry of Micro, Small, and Medium Enterprises (MSME).
Promising high returns of 6 to 8 percent on investments, they convinced many to invest significant sums. However, payments ceased in February 2023, and the accused failed to refund the principal amount, officials stated.