ED Arrests 2 From Mumbai In ‘Digital Arrest’ Money-Laundering Case; Cyber-Fraud Proceeds Converted Into Foreign Currency Through RBI-Licensed Money Changers
Mumbai, August 24, 2026: The Enforcement Directorate (ED) has arrested two Mumbai-based persons in connection with its money-laundering investigation into an alleged pan-India cyber-fraud and “digital arrest” racket involving reported losses of Rs 417.49 crore across 330 victim complaints and 163 FIRs, the central agency said on Monday. The investigation has uncovered a wider network whose linked…
Mumbai police have arrested two individuals in connection with a major money laundering investigation involving a cyber-fraud network, according to the Enforcement Directorate (ED). The accused, Fahim Moin Hussain Sayed and Naim Mueen Sayyed, were taken into custody on Sunday and produced before a special court for transit remand.
The ED alleges that the network carried out banking transactions worth over Rs 27,850 crore across 20 States and Union Territories, and converted proceeds of cyber fraud into foreign currency through RBI-licensed money changers. The investigation began after a complaint of "digital arrest" in Goa in June 2025, where a victim was allegedly coerced into transferring Rs 2.60 crore into fraudulent accounts.
The ED has linked 330 victims and 163 FIRs to the network, resulting in reported losses of Rs 417.49 crore.
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