5 Charged In Rs 104-Crore Cyber Fraud Case In Gujarat, Mastermind On The Run

Four people have been arrested in a cyber fraud case worth Rs 104 crore in Gujarat. The Surat Sub-Zonal Office of the Enforcement Directorate on Wednesday filed a prosecution complaint under the Prevention of Money Laundering Act, 2002, before the special court in Ahmedabad. 

The accused have been identified as Makbul Abdul Rehman, Kaashif Makbul, Mahesh Mafatlal Desai, Om Rajendra Pandya, who were arrested by the ED in October. Meanwhile, the key conspirator behind the fraud cases, Bassam Makbul, is currently missing. According to the probe agency, Bassam fled to an Arab country.

The accused allegedly defrauded victims across India using multiple cyber fraud schemes and laundered the proceeds.

How The Accused Defrauded People 

According to the ED, the prime accused - Makbul, his sons Kaashif and Bassam Makbul -  operated multiple sophisticated scams along with their accomplices. These included:

• Fake forex and stock market investment advisories
• Impersonation of officials from law enforcement agencies such as ED, Telecom Regulatory Authority of India (TRAI), Central Bureau of Investigation (CBI), and even the Supreme Court
• "Digital Arrest" frauds by making video calls
• Extortion by issuing forged legal notices and fines

The illegal money was then collected in bank accounts created using the Know Your Customer (KYC) documents of relatives and hired people. Pre-activated SIM cards were used to operate these accounts. The proceeds were layered through multiple transactions, withdrawn in cash, and moved through hawala channels before being converted into cryptocurrencies like United States Dollar Tether (USDT) to escape regulatory scrutiny.

Investigators found that huge sums were also spent online to finance a lavish lifestyle. Three immovable properties valued at Rs 2.13 crore were provisionally attached by the ED in November. 

The fifth accused in the complaint, Mitesh Gokulbhai Thakkar, is also being prosecuted for his role in financial layering and fund movement.

Further investigation of the case is currently underway.