CHENNAI: The Enforcement Directorate (ED) has seized cryptocurrency worth Rs 3.35 crore, Rs 14.5 lakh in cash and froze bank accounts holding more than Rs 40 lakh as part of an ongoing money laundering probe linked to an online investment fraud and work-from-home scam.
The agency said it conducted searches on July 10 and 11 at 16 locations in Tamil Nadu, two in Kerala and one in Srinagar and seized documents, digital devices and bank records.
According to the ED, cyber fraudsters cheated victims of Rs 14.95 crore by luring them with promises of high returns on bogus investment platforms and fraudulent work-from-home schemes. The proceeds were allegedly routed through multiple mule bank accounts and shell companies before being converted into cryptocurrency and transferred across several crypto wallets to conceal the money trail.
The agency alleged that Roshan Fiaz played a key role in laundering the proceeds of crime by operating mule bank accounts and through shell companie. The ED probe also found that Rs 80,000 from the alleged proceeds of crime was transferred to RK Electrical, an entity linked to Fiaz.