Thu Jan 23 21:57:15 IST 2025: ## ED Seizes ₹20 Crore in Assets Linked to ₹4,978 Crore Cybercrime Ring
**New Delhi, January 24, 2025** – The Enforcement Directorate (ED) has provisionally attached ₹20.69 crore worth of assets belonging to a cybercrime syndicate allegedly responsible for laundering and transferring ₹4,978 crore overseas. The agency arrested the two main accused, Punit Kumar (aka Puneet Maheshwari, John) and Ashish Kakkar (aka Pablo), last year.
The attached assets include nine Delhi residential flats and agricultural land in Haryana, held in the names of the accused, their family members, and associates. Previous searches yielded 27.5 kg of gold, ₹75 lakh in cash, jewelry, and electronic devices.
The ED alleges the accused operated through fraudulent websites and apps mimicking popular platforms, registered in countries like Curacao, Malta, and Cyprus. These entities were linked to Indian bank accounts used to collect funds from victims. The money was then layered through multiple accounts before being illegally transferred overseas under false pretenses.
Over 200 companies, allegedly registered using forged documents and the names of unsuspecting employees (office boys, drivers, sweepers), were used to launder the proceeds. The accused also misused Special Economic Zone (SEZ) facilities to overvalue imports, facilitating illegal foreign remittances.
The syndicate employed various scams including:
* **Fake investment apps:** Luring victims with promises of high returns in the share market before demanding additional payments.
* **Online job scams:** Offering part-time work and progressively increasing demands for payments before refusing withdrawals.
* **Online shopping fraud:** Offering cheap products through fake links and demanding additional fees for customs or delivery.
* **Fraudulent loan apps:** Providing micro-loans with exorbitant interest rates and resorting to harassment for repayment.
The ED’s investigation continues.
First Piper 