https://www.mid-day.com/mumbai/mumbai-news/article/mumbai-ed-arrests-2-in-pan-india-cyber-fraud-case-involving-alleged-rs-30-000-crore-transactions-23646289

The Enforcement Directorate (ED) has arrested two persons as part of its money laundering investigation into an alleged pan-India cyber fraud and digital arrests case involving transactions worth Rs 30,000 crore, sources said on Monday.

As reported by PTI, Fahim Moin Hussain Sayed and Naim Mueen Sayyed were taken into custody on Sunday from Mumbai.

Woman allegedly duped of Rs 2.60 crore following digital arrest

The ED probe, according to the sources, was initiated after a Goa woman was allegedly duped after she was made to transfer Rs 2.60 crore between May and June 2025 into some so-called "Secret Supervision Accounts" by the cyber fraudsters following a digital arrest.

The agency under the Union Ministry of Finance's Department of Revenue subsequently produced the accused before a special Prevention of Money Laundering Act (PMLA) court in Mumbai on Sunday. The court handed over their transit remand to the ED for taking them to Panaji, Goa, where the case is registered, as per PTI.

Moreover, the investigation agency is expected to produce them before a special court in Panaji on Monday seeking their remand for custodial interrogation.

Money converted into foreign currency

ED during the investigation found that the money cheated from the victim was taken into bank accounts, withdrawn in cash, and then converted into foreign currency through RBI-licensed money changers.

PTI sources also said that the agency suspects bank transactions worth Rs 27,000 crore and cash dealings of Rs 3,000 crore by this alleged cybercriminal network, which reportedly figures in as many as 300 victim complaints and 150-160 FIRs filed across 20 states and Union Territories.

A Rs 4,000 crore scam

The reported fraud with the victims is estimated to be around Rs 4,000 crore, the sources said.

As per PTI, ED has conducted two rounds of searches in this case in Goa and Mumbai in July and the latest on August 21, seizing about Rs 3.25 crore in cash.

The money trail found that the shell or dummy companies involved had drivers and employees living in single-room accommodations as the directors, a classic modus operandi in such cases.