Cyber Fraud: ED Raids Delhi Over Rs 900 Crore Scheme

New Delhi, July 2 (PTI): On Wednesday, the Enforcement Directorate conducted raids at various locations in the capital as part of an investigation into an alleged cyber fraud case involving more than Rs 900 crore. The investigation implicates a Chinese national and several others in this elaborate scheme, according to official sources.

The agency has initiated a criminal investigation under the Prevention of Money Laundering Act (PMLA) to delve deeper into the alleged fraud.

Raids are currently underway at five different premises in Delhi, linked to a company named Xindai Technologies Pvt Ltd. The company is accused of defrauding the general public under the guise of investment opportunities, and it is alleged that funds were laundered through full-fledged money changers (FFMC), the sources revealed.

The investigation seeks to unravel the involvement of the Chinese national and other individuals in this massive fraud, where the proceeds of the crime are estimated to be around Rs 903 crore, officials said.

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