In a major breakthrough, the Enforcement Directorate (ED) has arrested a prominent suspect in a sprawling cyber fraud case that has deprived unsuspecting victims of nearly ₹5,000 crore across India. Punit Kumar, a Delhi-based man allegedly at the heart of the elaborate scam, was apprehended on April 3 at the Indira Gandhi International Airport upon his return from Nepal.
Unraveling the Cyber Syndicate
According to the ED, Kumar is “one of the important kingpins” within a syndicate responsible for orchestrating a series of sophisticated cybercrimes and online gaming schemes between 2020 and 2024. The agency alleges that the syndicate’s illicit activities have amassed a staggering ₹4,978 crore, all of which has been siphoned out of the country.
ED, Hqrs. office arrested Punit Kumar, also known as Puneet Maheshwari, a cyber fraudster and resident of Moti Nagar, Delhi on 03.04.2024, at the Arrival Hall, Terminal-3 of IGI Airport, New Delhi, while travelling from Nepal. He was produced before the Hon’ble PMLA Court, New… pic.twitter.com/hpa6DNb2q9
— ED (@dir_ed) April 9, 2024
Devising Intricate Fraud Schemes
The ED’s investigation has revealed that Kumar employed a distinctive modus operandi to defraud individuals. Utilizing servers based in the United Arab Emirates, he allegedly orchestrated scams, while also establishing a parallel system in India to support the syndicate’s operations abroad.
“He devised a distinctive method of defrauding individuals, utilizing servers located in the UAE to orchestrate scams, with a parallel system established in India to support the syndicate’s operations in the UAE,” the agency stated in its announcement.
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Luring Victims with Lucrative Offers
The agency explained that the syndicate’s most prevalent tactic involves luring unsuspecting victims into investment fraud schemes. Promising substantial profits and returns, the fraudsters would develop a sense of trust with their targets, only to subsequently entice them to invest in fraudulent schemes.
“Among these, it said, the most prevalent modus operandi used for duping the general public through cybercrimes is to lure them into investment fraud by guaranteeing profit against investment (such as multi-marketing scheme) and providing an alluring return to develop faith in the customer,” the ED said.
Siphoning Funds Abroad
Once the victims deposit their savings, the syndicate members would repeatedly demand additional payments under the guise of taxes or processing fees, effectively draining the deposited funds. The illicit proceeds were then layered and accumulated in bank accounts controlled by the accused, before being funneled out of India as foreign remittances.
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Prior Arrest and Ongoing Investigations
This is not the first arrest in the case, as the ED had previously detained another accused, Ashish Kakkar, from a hotel in Gurugram last month. Kakkar is currently in judicial custody.
The money laundering investigation stems from police First Information Reports (FIRs) filed in Delhi, Rajasthan, Uttar Pradesh, Haryana, and other states, highlighting the pan-India reach of the cyber fraud syndicate.
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Cracking Down on Cybercrime
The arrest of Punit Kumar underscores the ED’s commitment to tackling the growing menace of cybercrime in India. As the country continues to witness a surge in digital transactions and online activities, the need for robust measures to protect citizens from such sophisticated fraud schemes has become increasingly crucial.
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