A cybercrime case involving a woman from Goa has led the Enforcement Directorate (ED) to uncover an alleged nationwide money laundering network linked to cyber fraud, involving 333 victims and reported losses of more than ₹417 crore.
The investigation began after the woman was allegedly targeted in a “digital arrest” scam in May-June 2025. Fraudsters reportedly posed as law-enforcement officials and convinced her that she was involved in a criminal investigation. Over more than 10 days, she was allegedly pressured into transferring ₹2.96 crore in multiple instalments.
What began as a single cyber fraud complaint eventually opened the door to a much larger financial trail spanning several states.
Goa Cyber Fraud Led Investigators to Hundreds of Accounts
After an FIR was registered, the ED traced the money transferred by the victim and allegedly found that it moved through a series of newly opened and dormant bank accounts.
According to the agency, the funds were rapidly circulated through hundreds of beneficiary accounts before being converted into cash and foreign currency. Investigators eventually identified an interconnected network involving companies associated with commodity trading, travel, financial activities and foreign exchange.
The ED alleged that some companies with RBI-related foreign exchange licences were misused to facilitate the movement and conversion of suspected proceeds of crime.
Investigators also found that several companies were formally registered in the names of people with limited financial resources, including employees, drivers and residents of single-room premises. Although these individuals were listed as directors, the agency alleged that the actual control of the companies, their bank accounts and financial operations remained with other persons.
333 Victims Across 20 States and Union Territories
The investigation revealed the extent of the alleged network through a review of multiple FIRs and financial transactions.
The ED said more than 163 FIRs linked to the network involved 333 victims spread across 20 states and Union Territories. The complaints collectively reported losses exceeding ₹417.49 crore.
In 101 of these cases, investigators found that a victim’s money had allegedly been routed through two or more entities belonging to the same network.
The financial transactions associated with the entities were significantly larger than the reported fraud losses. According to the ED, the companies and accounts examined during the investigation recorded banking transactions of around ₹27,850 crore.
Nearly ₹2,904 Crore in Cash Deposits
The agency’s investigation also uncovered extensive cash movement.
The network-linked entities allegedly deposited around ₹2,904 crore in cash. Of this amount, approximately ₹584.70 crore was deposited through 61,448 bulk note acceptance machine transactions at various locations.
Investigators believe the rapid movement of funds through multiple accounts and entities was part of a mechanism used to layer suspected proceeds of cyber fraud and make their original source harder to identify.
The ED said the Goa woman’s money entered this network within hours of the alleged digital arrest fraud, highlighting how quickly cybercrime proceeds can be moved through multiple financial channels.
Two Arrested Under PMLA
The investigation resulted in the arrest of Fahim Moin Hussain Sayed and Naim Mueen Sayyed on August 23, 2026.
The ED arrested the two under the Prevention of Money Laundering Act (PMLA), alleging their involvement in the broader cyber fraud and money laundering operation.
The agency’s probe is examining the role of individuals who allegedly controlled the companies and accounts used in the movement of the suspected proceeds.
ED Searches More Than 20 Locations
The ED carried out searches at more than 20 locations in Mumbai and Goa on July 17 and August 21.
During the searches, investigators seized approximately ₹3.25 crore in cash, along with digital devices, business records and statutory registers. The material is now being examined as part of the ongoing investigation.
The case demonstrates how a seemingly isolated “digital arrest” scam can lead investigators to a much wider financial network. In this case, the trail from one Goa woman’s alleged ₹2.96 crore loss led to hundreds of bank accounts, multiple companies and complaints from victims across the country.
The investigation remains ongoing, and allegations against the arrested individuals and other persons or entities will be subject to the due process of law.
