Daijiworld Media Network - New Delhi

New Delhi, Jul 12: In a major crackdown on cybercrime, the Enforcement Directorate (ED) has uncovered a massive international cyber fraud racket operated through a bogus call centre, M/s Magnatel BPS Consultants and LLP, with links to Pune, Ahmedabad, Jaipur, and Jabalpur.

The ED’s Mumbai Zonal Office conducted raids at multiple locations as part of an ongoing probe based on an FIR filed by Pune Cyber Police. The investigation revealed that the racket had been in operation since July 2024, duping U.S. citizens by posing as loan agents from reputed banks.

Scammers tricked victims into disclosing sensitive financial information under the pretense of offering loans. These stolen credentials were then exploited to transfer funds fraudulently, which were routed through U.S.-based accomplices and converted into cryptocurrency—mainly USDT—stored in wallets like Trust Wallet and Exodus Wallet.

The laundered crypto assets were then funneled back into India through hawala networks, particularly in Ahmedabad, where they were converted into cash. Some of the funds were cycled through mule accounts to cover business expenses like rent and software, while the majority was spent on luxury assets—including gold, silver, jewellery, high-end cars, and real estate investments.

The raids led to the seizure of:

• 7 kg of gold
• 62 kg of silver
• Rs 1.18 crore in cash
• Property documents worth ?9.2 crore
• Critical digital evidence connected to the cyber operations

In a key breakthrough, Sanjay More and Ajit Soni, believed to be the masterminds behind the fraudulent enterprise, were arrested in Jaipur. Both played central roles in orchestrating the scam and managing the illegal money flow.

The ED has confirmed that investigations are ongoing, with more arrests and recoveries expected as authorities deepen their probe into this transnational cyber scam.