The Enforcement Directorate (ED) apprehended Ashish Kakkar, a cyber fraudster residing in Greater Kailash, Delhi, from Hotel Holiday Inn, Gurugram, under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, on March 2, 2024. Kakkar, considered a key figure in a syndicate involved in cybercrimes and online gaming, allegedly orchestrated the siphoning off of proceeds of crime (PoC) worth Rs 4,978 crore across India between 2020 and 2024.
Cybercrime Nexus Unveiled
Initiating the investigation based on FIRs filed nationwide, including in Delhi, Rajasthan, Uttar Pradesh, and Haryana, the ED unveiled Kakkar's involvement in defrauding the public through various cyber scams. Kakkar's modus operandi included investment fraud, part-time job scams, online shopping fraud, and loan fraud, where victims were lured with guaranteed profits and later coerced into investing more funds under the guise of taxes or processing fees.
Layered Money Laundering Scheme
After swindling victims, Kakkar and his associates reportedly funneled the illicit proceeds through over 200 dummy companies, with Kakkar as the beneficial owner. The funds were subsequently transferred out of India as foreign outward remittances. The ED revealed Kakkar's complicity in circular trading through import-export transactions, primarily in Special Economic Zones, amounting to Rs 4,978 crore in hawala transactions.
Seizures and Further Probe
Previous ED raids in May 2023 and February-March 2024 yielded significant seizures, including gold bars, cash, jewelry, luxury vehicles, incriminating documents, and electronic devices. During the latest operation, the agency seized PAN cards, Aadhar cards, mobile phones, and office stamps from Kakkar's premises. Additionally, the ED recovered remotely accessed laptops used for evading investigation.
The investigation remains ongoing as authorities delve deeper into Kakkar's intricate web of cyber fraud and money laundering activities.
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