International Cyber Heist: SEZ Facilities Misused in Multi-Billion Rupee Fraud

The Enforcement Directorate revealed the arrest of two Delhi-based cyber criminals who allegedly siphoned over Rs 4,900 crore abroad. The criminals exploited SEZ facilities to carry out their crimes using fraudulent companies, importing and exporting overvalued goods to layer and launder their illegal proceeds.

The Enforcement Directorate (ED) announced on Thursday that two cyber criminals based in Delhi wrongfully transferred more than Rs 4,900 crore abroad by exploiting special economic zone (SEZ) facilities.

Punit Kumar and Ashish Kakkar were apprehended last year, with property and land linked to them confiscated, as part of a wide-ranging investigation. The case came to light following numerous police FIRs about crimes including online gaming fraud and fake loan disbursal scams.

The ED exposed that more than 200 companies were used to layer illegal funds through overvalued imports and cyclic transactions. These fraudulent activities reportedly involved importing costly goods through SEZs and re-exporting them without any remittances.

(With inputs from agencies.)