The Enforcement Directorate (ED) has apprehended Delhi-based cyber fraudster Punit Kumar, also known as Puneet Maheshwari, for his involvement in a colossal scam amounting to Rs 4,978 crore, which was executed through a series of cybercrimes and online gaming schemes across India between 2020 and 2024.
Kumar was arrested at the Indira Gandhi International Airport in Delhi while returning from Nepal on April 3. He is accused of orchestrating various cyber fraud schemes, laundering the proceeds of crime, and transferring them abroad.
The ED revealed that Kumar devised a unique method to defraud individuals, utilising servers located in the United Arab Emirates (UAE) to conduct scams, with support operations in India.
The agency initiated an investigation based on multiple First Information Reports (FIRs) registered across India, including in Delhi, Rajasthan, Uttar Pradesh, Haryana, and Chandigarh.
Kumar is considered a key figure in the syndicate responsible for the cybercrimes and online gaming schemes. Prior to Kumar's arrest, another accused, Ashish Kakkar, was apprehended by the ED on March 2 and is currently in judicial custody.
The ED conducted search and seizure operations across multiple premises last year and this year, resulting in the confiscation of various assets, including gold bars, cash, jewellery, luxury cars, and electronic devices containing incriminating evidence.
The investigation uncovered the use of fake PAN cards and Aadhar cards to establish shell entities, which were used for money laundering and syphoning off funds abroad. The perpetrators utilised remote-based servers and laptops accessed through applications like Anydesk and TeamViewer to evade detection.
Online gaming companies and websites involved in the fraudulent activities were incorporated in small island nations such as Curacao, Malta, and Cyprus.
The scams included investment fraud, part-time job fraud, online shopping fraud, and loan fraud. Victims were enticed with guaranteed profits against investments and coerced into making further payments under false pretexts until their funds were depleted.
The ill-gotten gains were layered and accumulated within bank accounts controlled by Kumar, Kakkar, and their associates before being transferred out of India as foreign remittances.
The perpetrators established over 200 companies and firms, utilising forged documents to exert complete control over banking transactions. Kumar, Kakkar, and others facilitated outward remittances from the proceeds of crime, including circular trading through import-export for Hawala transactions.
The ED's investigation into the elaborate cyber fraud scheme underscores the complexities and challenges posed by cybercrimes and the agency's commitment to combating such criminal activities.
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