Crackdown on Cyber Crime Syndicate: ED Raids Uncover Rs 100 Crore Laundering Trail

The Enforcement Directorate (ED) executed raids in Gujarat and Maharashtra targeting fraudsters involved in cyber crimes and money laundering. This operation, under the Prevention of Money Laundering Act, revealed illegal transfers of over Rs 100 crore abroad involving fake cryptocurrency trading and false law enforcement notices.

The Enforcement Directorate (ED) initiated significant raids in Gujarat and Maharashtra, focusing on a cybercrime syndicate involved in money laundering activities. These operations highlighted the shifting landscape of crime where digital tactics are employed by fraudsters.

In an extensive operation in Surat, Ahmedabad, and Mumbai, the ED targeted individuals linked to cyber fraud, suspiciously involving over Rs 100 crore transferred abroad. The perpetrators were accused of utilizing deceptive methods such as fake USDT trading and false legal threats to extort money from innocent people.

Law enforcement suggests funds from these fraudulent activities were funneled into the financial system using loopholes such as fake accounts, crypto conversions, and international transfers via hawala channels. The ED's ongoing investigation continues as it seeks to dismantle these sophisticated criminal networks.

(With inputs from agencies.)