ED seizes ₹8.4 crore in cyber fraud probe
HYDERABAD: The Enforcement Directorate has intensified its investigation into a major cyber fraud case in which thousands of people across India were lured with “part-time job” advertisements and cheated of crores of rupees.
ED freezes 92 bank accounts
The Hyderabad Zonal Office on Thursday issued provisional attachment orders freezing ₹8.4 crore lying in 92 bank accounts linked to the fraud. Officials said wallets and accounts on leading cryptocurrency exchange CoinDCX were also frozen.
The inquiry began after Kadapa police registered an FIR against unidentified cybercriminals. The ED took up the case under the Prevention of Money Laundering Act.
Fraud run through fake e-commerce and task apps
Investigators found that fraudsters operated multiple fake mobile applications, including NBC App, Power Bank App, HPZ Token, RCC App and Making App, all posing as e-commerce or task-based earning platforms.
The gang targeted people through WhatsApp groups, Telegram channels and bulk SMS campaigns, offering “high commissions for small tasks.” Victims were told to buy or sell items on fake e-commerce sites and were asked to deposit money in advance.
Officials said small initial profits were shown to build trust, after which victims were persuaded to invest larger sums. Later, when users attempted to withdraw money, they were told to pay additional “taxes” or “clearance charges.” Once payments were made, the apps disappeared from public access.
₹285 crore routed through layered accounts
According to the ED, the network collected about ₹285 crore from victims nationwide. The amount was first parked in 30 primary bank accounts for less than 15 days and then routed to more than 80 secondary accounts to evade tracking.
A significant portion was converted into cryptocurrency, while some funds were moved through hawala channels. During the ongoing investigation, the ED traced multiple beneficiary accounts and froze ₹8.4 crore suspected to be crime proceeds.
