The Directorate of Enforcement ( ED ) Headquarters has made a significant breakthrough in a cyber fraud investigation, recovering and seizing 19.500 kilograms of gold worth Rs.14.04 crore.
The gold was found in a locker registered under the name of Punit Kumar’s mother at the Ballabhgarh branch of Indian Bank in Faridabad, Haryana.
Punit Kumar, also known as Puneet Maheshwari, a cyber fraudster residing in Moti Nagar, Delhi, was apprehended earlier this week, at Terminal-3 of IGI Airport, New Delhi, upon his return from Nepal. Subsequent investigations under the Prevention of Money Laundering Act, 2002 (PMLA) led to his remand in ED custody for 12 days by the Hon’ble PMLA Court.
The probe by the ED, triggered by multiple FIRs across India, revealed Punit Kumar’s involvement in defrauding the public through cyber fraud schemes, followed by laundering and transferring the illicit gains out of India. His modus operandi included orchestrating scams through servers in the UAE while maintaining operations in India to support the syndicate’s activities.
The role of the accused extends to being a key figure within a syndicate responsible for orchestrating cybercrimes and online gaming schemes, resulting in illicit gains totaling Rs. 4,978 crore, all routed abroad. Earlier raids conducted under PMLA provisions in February and March 2024 led to the seizure of foreign-made gold bars, cash, jewelry, luxury cars, incriminating documents, and electronic devices.
The investigation unearthed the use of fake PAN and Aadhar cards, mobile devices for managing bank accounts of shell entities, and remote-based servers/laptops accessed through applications like Anydesk and TeamViewer. Recovered laptops from server service entities have further shed light on the sophisticated nature of these operations.
Punit Kumar, along with accomplices like Ashish Kakkar (arrested on March 2, 2024), facilitated outward remittances from cybercrime proceeds by engaging in circular trading via import-export activities. These activities, conducted in SEZs like Mundra and Kandla, involved declaring high-value items from overseas while circumventing inward remittances, thereby facilitating Hawala transactions.
The ongoing investigation by the Directorate of Enforcement ( ED ) reminds the citizens of the gravity of cyber fraud networks operating in India and their sophisticated methods of money laundering and fund transfer.
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