Cyber Crime
Delhi’s Mastermind Behind Rs 4,978 Crore Online Fraud Finally Caught – Details Inside!
ED nabs mastermind behind a Rs 5,000 crore cyber fraud network, revealing a complex web of scams and laundering across India.
The Enforcement Directorate (ED) has arrested Punit Kumar, a resident of Delhi’s Moti Nagar, for his alleged involvement in a massive cyber fraud and online gaming scam worth approximately Rs 5,000 crore. Kumar was apprehended on April 3rd, 2024, at the Indira Gandhi International Airport upon his arrival from Nepal.
Accused of Orchestrating Elaborate Scheme
According to the ED, Kumar is suspected of being a key player in a syndicate responsible for a series of cybercrimes and online gaming frauds across India between 2020 and 2024. The agency alleges that Kumar devised a complex scheme to defraud unsuspecting victims:
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- Remote Scams: He allegedly used servers located in the United Arab Emirates (UAE) to orchestrate the scams, creating a parallel system in India to support these operations.
- Money Laundering: The ED accuses Kumar of laundering the illicit proceeds, estimated at a staggering Rs 4,978 crore, and transferring them out of India.
- Avoiding Authorities: The agency further claims that Kumar had been deliberately avoiding summons issued by the ED.
Similar Arrest Made Last Month
This arrest marks the latest development in an ongoing investigation. In March 2024, the ED arrested another accused, Ashish Kakkar, from Gurugram. Kakkar is currently under judicial custody. The money laundering case stems from police complaints (FIRs) registered in Delhi, Rajasthan, Uttar Pradesh, and Haryana, amongst other locations.
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Common Cybercrime Tactics Exposed
The ED has also shed light on some common tactics used by cybercriminals to defraud victims. These include:
- Investment Fraud: Luring victims with promises of high returns on investments, often through multi-level marketing schemes.
- Part-Time Job Fraud: Offering fake job opportunities to steal personal information or money.
- Online Shopping Fraud: Creating fake online stores to trick victims into making payments for non-existent goods.
- Loan Fraud: Promising easy loans with hidden fees or unrealistic terms.
The ED particularly highlights investment scams as a prevalent tactic. Fraudsters typically gain victims’ trust by offering attractive returns and then request additional payments under the guise of taxes or fees when victims try to withdraw their money. This cycle continues until the victim stops investing, leaving them with significant financial losses.
Modus Operandi in This Case
The ED alleges that a similar strategy was employed in this case. The ill-gotten gains were allegedly channeled into bank accounts controlled by Kakkar and his associates before being transferred abroad.
The ED’s ongoing investigation aims to dismantle this large-scale cybercrime network and recover the stolen funds. This case serves as a stark reminder for the public to remain vigilant against online scams and to report any suspicious activity to the authorities.