Team Goemkarponn
PANAJI: The Enforcement Directorate’s Panaji office has arrested three alleged operatives of a nationwide money-laundering network suspected to be involved in “digital arrest” and investment fraud cases involving reported losses of ₹417.49 crore.
The arrested persons have been identified as Mumbai-based chartered accountant Bhushan Suryakant Moye, 47, and alleged cash-conversion agents Shailesh Dagdu Chavan, 38, and Vilas Narayan Pawar, 61. They were produced before the Special PMLA Court at Merces in North Goa, which granted the ED custody of the trio until September 1.
The investigation originated from a complaint filed by a Margao resident who allegedly lost more than ₹2.60 crore between May 21 and June 2, 2025. According to the ED, the fraudsters allegedly impersonated officials from the Telecom Regulatory Authority of India and the Central Bureau of Investigation.
The complainants were allegedly kept under continuous video surveillance and shown a forged Supreme Court order before being coerced into transferring their savings to accounts described as “Secret Supervision Accounts”.
The ED said the proceeds were initially routed through nine primary conduit bank accounts before being distributed across more than 400 mule accounts. The money was allegedly moved through multiple channels, including ATM withdrawals and UPI transactions, as part of the layering process.
Further investigation reportedly uncovered links to a larger network involving travel, commodity and foreign-exchange-related entities. According to the agency, the network handled transactions exceeding ₹27,850 crore through various bank accounts and involved cash deposits of nearly ₹2,904 crore.
Data cross-checked with the Indian Cyber Crime Coordination Centre reportedly showed 330 victim complaints and 163 FIRs across 20 States and Union Territories linked to the accounts under investigation. The complaints collectively involved reported losses of ₹417.49 crore.
Law-enforcement agencies have so far lien-marked or frozen around ₹27.67 crore in connection with the suspected fraud network across different parts of the country.
The ED has alleged that Moye, Chavan and Pawar played roles in the operation of the network and the conversion of fraud proceeds.
The agency has also arrested brothers Fahim Moin Hussain Sayed and Naim Moin Hussain Sayed, who are alleged to be the masterminds behind the corporate network. Their arrests were made on August 23 as the investigation into the wider money-laundering operation continues.
