Over ₹1B in Ill-Gottens! Five Suspects in India Charged with Fraud and Money Laundering via Cryptocurrency

The Enforcement Directorate (ED) has filed charges against five individuals in the Ahmedabad rural court in connection with online fraud.

The ED’s investigation originated from a complaint previously filed with Surat police. The five defendants are identified as Makbul Abdul Rahman Doctor, Kashif Makbul Doctor, Mahesh Maftlal Desai, Om Rajendra Pandya, and Mitesh Gokulbhai Thakkar. They are accused of stealing over 1 billion rupees through stock tip scams, foreign exchange schemes, and digital arrest fraud.

The stolen funds were deposited into multiple bank accounts before being transferred to Dubai via USDT.

The ED has frozen their assets and filed a detailed complaint outlining how the suspects used a network of bank accounts, shell companies, intermediary channels, and cryptocurrency platforms to launder illicit proceeds.

During the investigation, police also seized 38 debit cards, 8 passbooks, 29 checkbooks, 497 SIM cards, a cash-counting machine, along with ₹90,408 in foreign currency and ₹1.695 million in cash.

Authorities also obtained electronic evidence from seized devices, uncovering records of high-value transactions and forged government notices. These fraudulent documents were reportedly used to perpetrate digital arrest fraud, stealing money from victims.

The ED complaint alleged that Makbul Doctor and Kashif Doctor opened and controlled multiple bank accounts under various names. These accounts were used to receive funds obtained through online fraud activities.

Three other suspects are accused of converting illicit proceeds into cryptocurrency, which was then transferred to Dubai via intermediary channels or cryptocurrency platforms. Before conversion, these funds were dispersed across multiple bank accounts and withdrawn as cash to obscure their origins.

All five defendants have been summoned, with hearings scheduled to commence in the coming days.

BrokersView reminds you

Due to the anonymous nature of cryptocurrency, victims of scams not only suffer losses but also face significant difficulties in recovering their funds.

If you have also fallen victim to a crypto scam, you can report it through BrokersView to help protect other investors from falling into the same trap.