Fraudsters targeting American citizens in fake loan scam busted

The Enforcement Directorate (ED) had recently carried out extensive raids across four major cities - Pune, Ahmedabad, Jaipur, and Jabalpur, targeting a large-scale fraud ring that had been preying on unsuspecting American citizens. The coordinated operation confiscated a staggering amount of illicit gains, including ₹1.18 crore in cash, 7 kilograms of gold, and 62 kilograms of silver.

Additionally, during the raid, documents revealing immovable assets valued at ₹9.2 crore were seized. The crackdown also led to the arrest of two key figures, Sanjay More and Ajit Soni, identified as partners in the firm M/s Magnatel BPS Consultants and LLP, who were apprehended in Jaipur.

The fraudulent operation revolved around a highly organized fake call center that had been active in Pune since at least July 2024. The perpetrators, impersonating legitimate bank representatives, targeted individuals in the United States. They lured victims with false promises of loans, a tactic aimed at building trust. Once rapport was established, the scammers persuaded their targets to share sensitive personal and banking details. Armed with this information, the fraudsters proceeded to drain funds from the victims’ accounts, leaving many financially devastated.

Investigators meticulously tracked the flow of the stolen money, uncovering a complex web of financial maneuvers designed to obscure its origins. The siphoned funds were quickly converted into cryptocurrency, primarily USDT (Tether), a stablecoin often used in international transfers due to its perceived stability. From there, the digital assets were funneled back into India through informal hawala networks, a traditional system for transferring money outside of conventional banking channels.

A portion of these illicit proceeds was then laundered through a series of shell bank accounts, disguised as legitimate business transactions. However, the majority of the ill-gotten wealth was used to fund an extravagant lifestyle for the ringleaders, including the purchase of significant quantities of gold and jewelry, luxury vehicles, and valuable real estate properties.