Delhi Man Arrested in Rs 5,000 Cr Cyber Fraud by ED

In this case of cyber fraud, the Enforcement Directorate’s investigation into money laundering stems from Federal Investigation Reports that have been lodge in a number of Indian states, including Delhi, Rajasthan, Uttar Pradesh, Haryana, and Chandigarh.

Puneet Maheshwari was detain by ED officials on April 3 at Delhi Airport’s Terminal 3, just after his arrival from Nepal. He was place in ED detention for nine days by a judge.

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Maheshwari, a resident of Delhi’s Moti Nagar neighbourhood, is charge with using cybercrime schemes to swindle individuals, laundering the “proceeds of crime,” and removing those monies from India, according to an agency statement.

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ED Alleges Kingpin Orchestrated a Multimillion-Dollar Fraud

According to the agency, “He developed a unique technique of defrauding people, using servers situated in the UAE to plan scams, with a parallel system established in India to support the syndicate’s operations in the UAE.”

“One of the important kingpins within a syndicate responsible for orchestrating a series of cyber fraud and online gaming schemes across India between 2020 and 2024, amounting to huge illicit gains of Rs 4,978 crore, all of which have been syphoned abroad,” the ED claimed Maheshwari to be.

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ED: Offshore Gaming Scams Span Investments, Jobs, Shopping, and Loans

According to the ED, the websites and online gaming businesses engaged in the cyber fraud are based in tiny island states like Curacao, Malta, and Cyprus. There are many different types of fraudulent activity, including loan fraud, internet shopping fraud, investment fraud, and part-time employment fraud. According to the spokesman, “one of the common techniques used is luring people in with promises of profits on investments, gradually guiding them into fraudulent schemes where they invest their life savings.”

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