Cyber fraud racket siphons over ₹100 crore via crypto; ED files complaint in Ahmedabad court

The Enforcement Directorate (ED) has filed a complaint in the Ahmedabad Rural Court against five individuals accused of orchestrating a multi-layered cyber-fraud operation that allegedly generated more than ₹100 crore through stock-tip scams, forex-trading schemes, and digital-arrest fraud. The funds were allegedly deposited in multiple bank accounts before being routed to Dubai via the cryptocurrency USDT.

The agency’s special court has issued summons to all the accused—Makbul Abdul Rahman Doctor, Kashif Makbul Doctor, Mahesh Maftlal Desai, Om Rajendra Pandya, and Mitesh Gokulbhai Thakkar—with further hearings scheduled in the coming days. The ED had earlier carried out searches under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, and provisionally attached properties linked to the accused.

Probe triggered by Surat SOG case

The PMLA probe stems from a case originally registered by the Surat Police’s Special Operations Group (SOG). The ED has now filed a detailed complaint outlining how the accused allegedly used a network of bank accounts, shell entities, angadiya channels, and cryptocurrency platforms to move and disguise the proceeds of cybercrime.

Police seized a substantial quantity of material during the investigation, including:

38 debit cards

8 savings account passbooks

More than 29 cheque books, including current account cheque books

497 SIM cards

A cash-counting machine

Foreign currency worth ₹90,408

₹16,95,000 in Indian currency

Modus operandi: bank accounts, angadiyas, and crypto

According to the ED’s complaint, Makbul Doctor and Kashif Doctor allegedly opened and controlled several bank accounts in the names of different individuals. These accounts were used to collect proceeds from a range of cyber-fraud activities.

The agency states that Mahesh Desai, Om Pandya, and Mitesh Thakkar were responsible for converting the illegal proceeds into cryptocurrency, forming the core of the laundering mechanism. Before the conversion, the money was allegedly pooled across accounts, withdrawn in cash, or routed through angadiya networks to obscure its origin.

Digital evidence retrieved from seized devices—examined in the presence of the accused—reportedly shows high-value transactions and the use of fake notices purportedly issued by the Supreme Court, the ED, and other authorities to intimidate victims. These were allegedly used to ‘digitally arrest’ individuals and extort payments.

Crypto trail leads to Dubai transfers

Investigators say the funds collected through the scam were eventually transferred via angadiya channels or cryptocurrency platforms, with large volumes converted into USDT before being sent to Dubai. Desai, who resides in Motera, along with Pandya of the Satellite area and Thakkar, allegedly handled the crypto conversions.

Case still under investigation

With over ₹100 crore traced so far, the ED is now examining how much of the amount was ultimately converted into cryptocurrency. The case remains under investigation, and the court has issued summons to all five accused, with further hearings expected shortly.