Call Center Fraud Cracked: Pune-Based Scammers Nabbed in Major Money Laundering Scheme

The Enforcement Directorate (ED) announced on Saturday the arrest of two individuals in connection with a money laundering probe involving a Pune-based fraudulent call center that cheated US citizens out of millions.

Following coordinated raids in Ahmedabad, Jaipur, Jabalpur, and Pune, the federal agency's investigation targeted Magnatel BPS Consultants and LLP. Authorities seized 7 kg of gold, 62 kg of silver, approximately Rs 1.18 crore in cash, and documents valued at Rs 9.2 crore tied to immovable assets.

The investigation traced the scheme used by the accused, who posed as bank representatives to offer bogus loans to unsuspecting US citizens. The stolen bank credentials were used to transfer funds, which were later converted into cryptocurrency. These digital assets were ultimately funneled into India through informal channels, highlighting a complex web of international financial fraud.

(With inputs from agencies.)