Daijiworld Media Network - Mumbai
Mumbai, Aug 24: The Enforcement Directorate (ED) has arrested two Mumbai-based men in connection with its money-laundering probe into an alleged pan-India cyber fraud and “digital arrest” racket involving transactions estimated at nearly Rs 30,000 crore.
The accused have been identified as Fahim Moin Hussain Sayed and Naim Mueen Sayyed. According to sources, both were taken into custody in Mumbai on Sunday. The ED confirmed the arrests on Monday.
The investigation reportedly originated from a complaint filed in Goa by a woman who was allegedly targeted by cyber fraudsters through a “digital arrest” scam. Between May and June 2025, she was allegedly forced to transfer Rs 2.60 crore into accounts described as “Secret Supervision Accounts”.
During its investigation, the ED suspects that the alleged cybercrime network handled bank transactions worth around Rs 27,000 crore, besides cash dealings estimated at Rs 3,000 crore, taking the total suspected transactions to approximately Rs 30,000 crore. The agency has also reportedly linked the network to around 300 complaints and 150-160 FIRs registered across 20 states and Union Territories.
Investigators found that funds allegedly obtained from victims were routed through mule bank accounts. The money was subsequently withdrawn through ATMs and cash deposit machines before allegedly being converted into foreign currency through RBI-licensed money changers.
The ED conducted searches in Goa and Mumbai in July and again on August 21 as part of the investigation. The probe is aimed at tracing the movement of the suspected proceeds of crime and identifying other persons and entities allegedly involved in the network.
The two accused also have links to several companies, including forex and commodities businesses, according to publicly available corporate records. Fahim Moin Hussain Sayed and Naim Mueen Sayyed have previously been listed as directors of companies including Fahim Forex Private Limited and Iqra Commodities Private Limited.
The arrests come amid growing concern over “digital arrest” scams, in which fraudsters impersonate police officers, investigators, officials of central agencies or other government authorities and threaten victims with arrest or legal action through video calls. Victims are then allegedly coerced into transferring large sums of money.
The Supreme Court had recently taken note of the growing menace of digital arrest frauds and suggested that the Centre consider formally defining “digital arrest” as a standalone offence under criminal law, along with stringent punishment.
Meanwhile, the Central Bureau of Investigation is also probing several major cyber fraud cases involving losses of Rs 10 crore or more, with some investigations pointing towards transnational criminal syndicates allegedly using forged documents and multiple layers of accounts to move illicit funds.
The ED investigation into the alleged Rs 30,000-crore network is continuing, with officials examining the financial trail, the mule accounts and the suspected role of other individuals and entities.