The Enforcement Directorate (ED) has arrested 2 Mumbai men in a money laundering investigation into an alleged nationwide cyber fraud and digital arrest network involving transactions worth Rs 30,000 crore.
The agency suspects the network is connected to around 300 victim complaints and 150-160 FIRs registered across 20 states and Union Territories.
Fahim Moin Hussain Sayed and Naim Mueen Sayyed were arrested in Mumbai on Sunday. The investigation began after a woman in Goa was allegedly subjected to a digital arrest and forced to transfer Rs 2.60 crore between May and June 2025 into so-called “Secret Supervision Accounts.”
The ED produced the 2 accused before a special Prevention of Money Laundering Act court in Mumbai, which granted transit remand so they could be taken to Panaji, Goa. The agency is expected to seek their custodial interrogation before a special court in Panaji.
Investigators found that money allegedly taken from the victim was deposited into bank accounts, withdrawn as cash and converted into foreign currency through Reserve Bank of India-licensed money changers.
The ED suspects the network handled bank transactions worth around Rs 27,000 crore and cash dealings of Rs 3,000 crore. The reported fraud involving victims is estimated at about Rs 4,000 crore.
The agency has conducted 2 rounds of searches in Goa and Mumbai, first in July and again on August 21. Around Rs 3.25 crore in cash was seized during the operations.
Investigators also traced links to shell and dummy companies. The companies allegedly listed drivers and employees living in single-room accommodation as directors, which the agency suspects was part of the network’s operating structure.
The arrests form part of the ED’s wider investigation into an alleged cyber fraud network operating across multiple parts of India.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.