Massive Cyber Fraud Exposed: UAE Payment Platform Under Scrutiny

The Enforcement Directorate has filed a new chargesheet in a Rs 300 crore cyber fraud case involving the UAE-based platform PYYPL. This financial technology-powered service allegedly conducted cybercrimes affecting many Indians. Investigations continue as authorities seek more suspects and assets connected to the fraud.

The Enforcement Directorate (ED) announced a new chargesheet on Thursday in the ongoing investigation of a cyber fraud case involving the UAE-based payment platform PYYPL. The platform is accused of duping Indian citizens out of approximately Rs 300 crore through various illegal activities.

A special Prevention of Money Laundering Act (PMLA) court received this supplementary prosecution complaint against five individuals on March 28, with the court taking cognisance on April 2. PYYPL, a financial technology-powered platform, stands accused of engaging in cybercrimes such as investment frauds and illegal betting.

The ED has arrested eight people, including chartered accountants and crypto traders, who are believed to be part of a large-scale fraud operation spanning across India. Continuing its investigation with several agencies, the ED aims to identify more suspects and recover the illicit funds.

(With inputs from agencies.)