Cyber-Fraud Network Spanning 20 States, ₹27,850 Crore Transactions: Two Arrested

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Enforcement Directorate detains two individuals in a cyber-fraud case involving ₹27,850 crore in transactions across 20 states.

ED Detains Two Suspects in Cyber-Fraud Operation

The Enforcement Directorate (ED) has detained Fahim Sayed and Naim Sayyed, suspected of involvement in a cyber-fraud network based in Mumbai. The network is linked to entities engaged in commodity trading, travel, and foreign exchange activities. The investigation was initiated after a woman from Goa reported being coerced into transferring ₹2.60 crore between May 21, 2025, and June 6, 2026.

Investigation Initiated After Woman’s Report

The woman alleged she was misled into believing the recipient accounts were “secret supervision accounts.” The funds were allegedly moved through dormant and newly created bank accounts before being distributed across over 400 beneficiary accounts. This trail led to a complex network of businesses operating in commodity trading, travel, and foreign exchange sectors.

Fraudulent Transactions Exceed ₹27,850 Crore

The ED reported that entities linked to the network conducted banking transactions totaling ₹27,850 crore. Additionally, ₹2,904 crore in cash deposits were identified, with ₹584.70 crore deposited via 61,448 transactions using Bulk Note Acceptance Machines. Investigators are examining if these transactions were used for money laundering.

Network Linked to 330 Complaints and 163 FIRs

The accounts of the entities under scrutiny have been cited in 330 victim complaints and 163 First Information Reports (FIRs). In 101 cases, funds from a single victim were allegedly transferred to two or more entities within the same network during the same fraudulent activity.

Seizures and Raids in Mumbai and Goa

During raids in Mumbai and Goa under Section 17 of the relevant legislation, the ED seized ₹3.25 crore in cash. Digital devices, financial records, and statutory documents were also recovered. These materials are being analyzed to establish communication channels, beneficiary accounts, and fund flow across the network.

Origin of the Case and Ongoing Probe

The investigation originated from a case involving a Goa-based woman but expanded after tracing the movement of her funds through multiple layers of bank accounts. The ED is now assessing the roles of Sayed and Sayyed in the broader network, including their connections to commodity trading, travel, and forex entities.

Focus on Money Laundering and Front Businesses

Investigators are evaluating whether the businesses served as fronts for receiving, layering, and transferring proceeds from cyber fraud schemes. The high volume of complaints and FIRs across multiple jurisdictions has intensified scrutiny of the financial network.

Next Steps and Evidence Analysis

The ED plans to analyze digital evidence, banking records, and seized documents to identify additional beneficiaries and map the full extent of the alleged money trail. The arrests and searches are part of an ongoing probe, with further actions contingent on the evidence collected and outcomes of the financial investigation.

Authorities allege that she was misled into believing the recipient accounts were “secret supervision accounts.”