The Aryavarth Express
Agency(New Delhi): In a significant crackdown on cybercrime, the Enforcement Directorate (ED) disclosed the recent apprehension of Ashish Kakkar, a Delhi resident implicated in a colossal money laundering case. Kakkar, labeled a “cyber fraudster,” was arrested at the Holiday Inn hotel in Gurugram on March 2. This operation is part of an extensive investigation into a scheme that reportedly defrauded the public of approximately Rs 5,000 crore through cybercrimes and online gaming activities.
The ED’s statement highlighted that Kakkar, hailing from Greater Kailash, Delhi, is considered a central figure in a syndicate accused of generating, laundering, and diverting crime proceeds amounting to Rs 4,978 crore from 2020 to 2024. These illicit funds stem from various cybercrimes and online gaming frauds across India.
Originating from multiple police FIRs across states like Delhi, Rajasthan, Uttar Pradesh, and Haryana, the money laundering case has unveiled a pattern of deceit involving investment fraud, job scams, online shopping fraud, and loan fraud. Fraudsters typically entice victims with high-return investment schemes, only to later demand additional payments under various pretexts, ultimately leading to the loss of the victims’ investments.
Kakkar and his associates are accused of utilizing over 200 companies, with Kakkar being the beneficial owner, to launder the proceeds of crime. Despite not holding official positions within these companies, Kakkar allegedly managed all related banking transactions. Investigations reveal that these entities engaged in substantial banking activities without filing financial statements, thereby raising suspicions.
Furthermore, Kakkar is alleged to have engaged in “circular-trading” through import-export operations involving high-value items like rose oil and solar panel machinery, primarily with Dubai, Hong Kong, and China. This activity, which included transactions worth Rs 4,978 crore for imports with no corresponding export remittances, is suspected to facilitate hawala or fraudulent transactions.
The details surrounding Kakkar’s custody status post-March 12 remain unspecified by the ED, as investigations into the complex web of cyber fraud continue.
