Cyber kingpin behind Rs 5,000 crore fraud arrested by ED

The Enforcement Directorate (ED) has arrested a cyber fraudster for siphoning off nearly Rs 5,000 crores. The agency said Ashish Kakkar is the kingpin of a syndicate involved in the generation, layering, and siphoning off Proceeds of Crime (PoC) to the tune of Rs 4,978 crore generated from various cyber crimes and online gaming ongoing all over India during the period 2020 to 2024. 

A resident of Greater Kailash in Delhi, Kakkar was arrested on March 2 from Gurugram under Section 19 of the Prevention of Money Laundering Act, 2002, the agency said.   

In September last year, a study revealed that financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent of cases related to UPI and internet banking.

Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting, and email phishing accounted for 12 per cent of the online offences during the period, according to the study by an IIT Kanpur-incubated start-up.

Meanwhile, an employee of the Oil and Natural Gas Corporation (ONGC) lost Rs 27 lakh as he was allegedly duped into investing the money into the stock market in Maharashtra’s Nagpur city. Based on a complaint filed by Nilesh Khapare, 35, the police registered a case against three persons, identified as Aryan Reddy, Pooja, and Jiya Shankar.

Khapare, who is currently employed at the ONGC in Mumbai, came across an advertisement on a social media platform, during his stay in Nagpur, which promised 5 to 10 per cent profits on stock market investments. Upon enquiry, his phone number was added to a group and he was given an ID and password after registration, a police official said.

As per the instructions, the victim deposited Rs 26.85 lakh into the bank accounts. However, he neither received the profits nor the principal amount. An offence under sections of the Indian Penal Code (IPC) and the Information Technology Act was registered at the Yashaodhara Nagar police station, he said.

(With inputs from PTI)