: Saturday, 12 July 2025 6:15 pm
Mumbai,The Mumbai Zone Office of the Enforcement Directorate (ED) raided several campuses in Ahmedabad, Jaipur, Jabalpur and Pune on Saturday. The search operation was conducted in connection with the ongoing investigation into cyber fraud activities carried out by Messrs Magnetel BPS Consultants and LLP.
Pune Cyber Police had registered an FIR against 8 people involved in running a fake call center called Messrs Magnetel BPS Consultants and LLP. The Central Investigation Agency ED launched an investigation on the basis of this FIR. The call center was operated from the 9th floor of the Pride Icon Building in Pune, from where the work of targeting American citizens through fake loans.
According to the initial investigation of the ED, the accused used to call for fake loans by becoming employees of banks and then obtained the bank account details and other credentials of American citizens. These details were used to transfer money. The fraud amount, which is the estimated value of millions of US dollars, was sent through the United States -based colleagues and later converted into cryptocurrency. Thus the digital properties obtained were collected in the crypto wallet including trust wallet and exodus wallet.
ED investigation has revealed that fake money was transferred to India and redeemed in Ahmedabad using traditional informal mediums (Angadia). A part of the benefit from the fraud was then deposited in the company’s bank accounts through the mule account, which were mainly used to procure software and pay office premises, from where fraud activities were being conducted.
A large part of the money was used to buy individual property such as gold, jewelery, vehicles and real estate.
During the search operation, documents related to 7 kg of gold, 62 kg of silver, Rs 1.18 crore cash, 1.50 crore rupees worth Rs 1.50 crore were recovered. Digital evidence worth Rs 9.2 crore related to the operation of fake call center was seized. In this case, two partners of Messrs Magnetel BPS Consultants and LLP Sanjay More and Ajit Soni were arrested from Jaipur.
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Web Title-Cyber Fraud Case: Ed raids in several cities include pune-jaipur, two accused arrested
