These raids, carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, exposed a web of financial irregularities linked to the PYYPL case, a notorious online fraud.
The ED seized unexplained cash worth ₹47 lakh, alongside incriminating documents, cheque books, ATM cards, PAN cards, digital signatures, and even Trust Wallet secret phrases—a key tool used in securing cryptocurrencies.
In a significant haul, crypto assets (USDT) valued at ₹1.36 crore were confiscated from private wallets, further revealing the intricate workings of the fraud network.
Also, multiple bank accounts associated with the case have been frozen, stalling the syndicate’s financial operations.
A New Frontier of Fraud
The PYYPL case represents a chilling example of how online fraudsters are exploiting financial loopholes and crypto platforms to dupe unsuspecting victims.
The ED’s action is a crucial reminder of the vulnerabilities in India’s cyber landscape.
Swift Crackdown
This isn’t the first time the ED has acted against online fraud.
In its earlier operations, the agency busted similar cyber scams that siphoned crores through dubious apps, crypto transactions, and dummy bank accounts.
With these raids, the ED is sending a clear message: cyber fraud won’t go unchecked.
While the investigation continues, sources suggest that the data recovered during these operations could blow the lid off a much larger scam, with potential international links.
The freeze on bank accounts and crypto wallets aims to cripple the syndicate’s ability to launder illicit funds.
This is just another chapter in the ED’s relentless war against digital fraud—a war that India desperately needs as cybercrime evolves into an increasingly complex and global menace.
