The Enforcement Directorate has provisionally attached 10 immovable properties worth about ₹20.69 crore in connection with the laundering and overseas transfer of funds to the tune of ₹4,978 crore generated through various cybercrimes.
The agency has identified the two main accused as Punit Kumar aka Puneet Maheshwari aka John (resident of Moti Nagar), and Ashish Kakkar aka Pablo (resident of Greater Kailash).
They were arrested last year. Searches in the case had earlier led to the seizure of about 27.50 kg of gold valued at ₹19.08 crore, ₹75 lakh in cash, jewellery, and electronic devices.
The attached assets include nine residential flats in Delhi and a parcel of agricultural land in Rewari, Haryana, held in the name of Punit Kumar; his wife Deepti; brother Ankur; cousin Prashant; and Asha Kakkar, mother of Ashish Kakkar.
Multiple First Information Reports have been registered across India against the alleged cybercrime fraudsters involved in scams like online gaming fraud, multi-level marketing schemes, and investment scams.
The agency said its probe revealed that such scams were run through various fraudulent websites and apps with names sounding similar to the popular ones, created by companies based in small island nations like Curacao, Malta, and Cyprus.
“These foreign companies and fake apps/websites are connected to bank accounts held in India for collection of POC [proceeds of crime] from the public. The money was then routed through multiple bank accounts in four to five layers to disguise the transactions and hide the source and then transferred out of India under the false pretext of paying for imported goods or services. Those bank accounts of companies and firms which were used for layering crime proceeds are controlled by Ashish Kakkar, Punit Kumar, and their associates,” the ED said.
Over 200 companies were used for laundering the ill-gotten money and they were registered allegedly in the names of employees of Ashish Kakkar, Punit Kumar, and their associates, such as office boys, drivers, and sweepers.
“Their signatures were taken on documents and misused to operate the companies and bank accounts. These entities were created on the basis of forged documents to have complete control over all the banking transactions of the entities. Registered office premises were rented in the names of these dummy directors. Online verification revealed that the even stamp papers for the rent agreements were also forged,” it said.
As alleged, to transfer the funds overseas, the two main accused misused Special Economic Zone (SEZ) facilities by obtaining GST registrations and SEZ permissions. They imported goods overvalued by 5,000 times, such as rose oil and solar panel machinery - through SEZs like Mundra and Kandla - from Dubai, Hong Kong, and China, etc. and made huge illegal outward foreign remittances abroad against the imports.
“Thereafter the same goods were reexported [without any processing] but no remittance was received against the export. In these circular transactions, the same goods were imported and then exported multiple times to siphon off the POC abroad. Ashish Kakkar and Punit Maheshwari ultimately siphoned off ₹4,978 crore abroad...,” the agency said.
According to the ED, the scammers lure people with promises of high returns through fake apps for share market investments. Initially, they show fake profits in the trading account to gain trust. “Once convinced, victims are encouraged to invest larger sums, often in lakhs, with the promise of even higher returns. When victims request their money back, scammers demand additional payments as taxes or processing fees. This cycle continues until the victim stops paying, by which time their funds have been stolen,” the agency said.
In another modus operandi, advertisements are posted on platforms like Facebook, Instagram, and WhatsApp, offering part-time jobs. “Victims register through a provided link and pay a small initial amount, like ₹100. After completing a task, they receive a slightly higher amount, such as ₹150, to build trust. Scammers then ask for more deposits, promising even higher payouts. However, when victims attempt to withdraw their earnings, they are told to complete more tasks and pay additional fees. This cycle continues until victims deposit large sums, often in lakhs, only to realise they have been scammed,” the agency said.
In the online shopping fraud case, the gang lured people with offers of cheap products found via Google or social media platforms like Facebook and Instagram. Victims received a purchase link on WhatsApp, register, and paid for the item. The fraudsters then demanded additional payments, citing reasons such as customs duties or delivery charges. In the end, the victim loses money and never receives the purchased item, it said.
Fraudulent loan apps are also used to offer micro-loans to people but charge extremely high interest rates. To recover payments, these apps resort to harassment, including calling the borrower’s relatives and making threats of filing criminal cases.
Published - January 23, 2025 09:57 pm IST
