ED Seizes Rs 32.34 Cr In 580 Bank Accounts Linked To Advertisement Scam In Hyderabad

The Directorate of Enforcement (ED), Hyderabad, has seized Rs 32.34 crore collectively held in 580 bank accounts linked to a part-time job scam. According to officials, the scam involved fraudulent activities under the guise of website, hotel and resort reviews and ratings.

The investigation was initiated following an FIR lodged by the Cyber Crime police of Hyderabad under various sections of the Information Technology (IT) Act and the IPC against unidentified individuals. It was discovered during the probe that over 50 FIRs had been filed across the country in connection with the scam.

The masterminds of the scheme operated from the UAE, utilising numerous bank accounts acquired through middlemen. These accounts were opened under the names of shell entities using falsified documents. Additionally, they obtained bank account kits, including internet banking credentials, debit cards and cheque books, along with related SIM cards.

ED's investigation revealed that over Rs 524 crore was amassed in more than 175 bank accounts, which were only active for short durations ranging from 1 to 15 days. The funds were regularly funneled into other accounts.

Officials stated that the money obtained through the scam was transferred to over 480 bank accounts. It was primarily used for purchasing cryptocurrencies, conducting hawala transactions within India and making overseas payments under the guise of import transactions.