Directorate of Enforcement (ED) Uncovers Massive Cybercrime Syndicate, Seizes Gold Valued at Rs. 14.04 Crore
(Judicial Quest News Network)
New Delhi, May 6, 2024: In a significant breakthrough, the Directorate of Enforcement (ED) has unearthed a complex web of cybercrime orchestrated by Punit Kumar, alias Puneet Maheshwari, a notorious cyber fraudster and resident of Moti Nagar, Delhi. The investigation, conducted under the Prevention of Money Laundering Act, 2002 (PMLA), has led to the recovery and seizure of 19.500 kg of gold worth Rs. 14.04 crore from a locker maintained in the name of Punit Kumar’s mother at the Ballabhgarh branch of Indian Bank, Faridabad, Haryana.
The operation, carried out on May 3, 2024, was based on specific intelligence indicating that proceeds from various cybercrimes had been concealed by Punit Kumar in the form of gold. Punit Kumar was apprehended on April 3, 2024, at the Arrival Hall, Terminal-3 of Indira Gandhi International Airport, New Delhi, upon his return from Nepal. Subsequent interrogation and judicial proceedings led to his remand in ED custody for 12 days, followed by judicial custody.
Punit Kumar’s modus operandi involved defrauding individuals through sophisticated cyber schemes, laundering the illicit proceeds, and transferring them overseas. He utilized servers in the UAE to orchestrate scams, while a parallel network in India facilitated the syndicate’s operations. His criminal activities spanned from 2020 to 2024, resulting in illicit gains amounting to a staggering Rs. 4,978 crore, all of which were funneled abroad.
Previous searches conducted under PMLA, 2002, yielded further incriminating evidence, including foreign-made gold bars, cash, luxury items, and documents implicating Punit Kumar and his associates. The investigation also uncovered the use of fake identification documents, shell entities, and remote desktop applications such as Anydesk and TeamViewer to evade detection.
Furthermore, the syndicate exploited outward remittances by falsely declaring high-value imports and circular trading, engaging in Hawala transactions to launder money. Investigations into these activities are ongoing.
Mr. Anil Kumar, Director of Enforcement, stated, “The ED remains committed to combating financial crimes and dismantling criminal networks involved in money laundering. This operation represents a significant milestone in our ongoing efforts to safeguard the integrity of India’s financial system.”
The ED urges the public to remain vigilant against cyber fraud and encourages reporting of any suspicious activities to the authorities.
