The Enforcement Directorate (ED) has conducted search operations at multiple locations in Ahmedabad, Jaipur, Jabalpur, and Pune in connection with a money laundering probe linked to alleged cyber fraud by M/s Magnatel BPS Consultants and LLP.
The Searches, conducted on Friday and Saturday under provisions of the Prevention of Money Laundering Act (PMLA), 2002, resulted in the seizure of 7 kg of gold, 62 kg of silver, Rs 1.18 crore in cash, and documents related to immovable properties valued at Rs 9.2 crore. The agency also recovered incriminating digital evidence relating to the operations of the alleged fake call centre. The central agency said on Saturday.
The probe is based on an FIR filed by the Pune Cyber Police against eight persons accused of operating a bogus call centre from the ninth floor of Pride Icon Building in Pune’s Kharadi area since August 2024.
According to the ED preliminary findings, the accused individuals pretended to be representatives of reputed banks and contacted unsuspecting U.S. citizens by falsely offering them attractive loan schemes. Trusting these fake offers, many victims shared their sensitive financial information, including bank account numbers and login credentials.
Once the fraudsters had access to these details, they used them to illegally transfer large sums of money from the victims' accounts. The stolen funds believed to amount to several million U.S. dollars were first sent to their associates based in the United States to avoid immediate suspicion. From there, the money was quickly converted into cryptocurrency, mostly USDT (Tether), a digital asset pegged to the U.S. dollar.
To further conceal the origin and movement of this illicit wealth, the accused stored the cryptocurrency in digital wallets such as Trust Wallet and Exodus Wallet popular platforms known for their anonymity and decentralized control.
ED investigation revealed that the proceeds of crime were routed back to India and encashed in Ahmedabad through traditional informal hawala channels, commonly referred to as Angadiyas. A portion of these fraudulent gains was funneled through mule accounts and later credited into the company’s bank accounts and utilised primarily for paying office rent and purchasing software required for running the fake call centre. A significant portion of the laundered funds, however, was siphoned off for the purchase of personal assets, including bullion, jewellery, vehicles, and immovable properties.
Two partners Sanjay More and Ajit Soni of M/s Magnatel BPS Consultants and LLP were arrested from Jaipur in connection with the case.
