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The Enforcement Directorate (ED), Mumbai Regional Office has conducted a search operation in several campuses in Ahmedabad, Jaipur, Jabalpur and Pune in connection with the ongoing investigation of cyber fraud activities conducted by Messrs Magnetel BPS Consultants and LLP. The ED had initiated an investigation by Pune Cyber Police on an FIR registered against eight persons allegedly involved in running a fake call center called Messrs Magnetel BPS Consultants and LLP.

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The call center operated from the 9th floor of the Pride Icon Building in Pune from July 2024 is accused of targeting US citizens through a fraud loan scheme. The investigating agency has seized 7 kg of gold, 62 kg of silver and 9.2 crore immovable property from the possession of the accused. Apart from this, Rs 1.18 crore cash, this amount has also been seized.

According to the initial investigation of the ED, the accused falsely promised to give loans as representatives of banks. Using this deception, he obtained details and other information of bank accounts of American citizens. Then these information was used for transfer of money. The fraudulent amount, which is estimated in millions of US dollars, was sent through US -based colleagues. He was later converted into cryptocurrency, mainly USDT. Thus the digital properties obtained were stored in Crypto Wallet, including Trust Wallet and Exodus Wallet.

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The ED investigation revealed that the income of the crime was transferred to India. It was redeemed in Ahmedabad using traditional informal mediums (Angadia). A part of the benefit from the fraud was then deposited in the bank accounts of the company through mule accounts. They were used mainly to purchase software and pay rent of the office premises from where fraud activities were being conducted. A large part of the money was used in purchasing individual property such as gold-silver, jewelery, vehicles and real estate.

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During the search operation, 7 kg of gold, 62 kg of silver, Rs 1.18 crore cash, documents to immovable property worth Rs 9.2 crore and digital evidence to the operation of fake call centers were seized. In connection with the case, two partners of Messrs Magnetel BPS Consultants and LLP Sanjay More and Ajit Soni were arrested from Jaipur. Further investigation in the case is going on.

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