PANAJI: The Enforcement Directorate (ED), Panaji, has arrested three alleged operatives linked to a nationwide money-laundering network suspected of being involved in “digital arrest” and investment fraud cases involving reported losses of ₹417.49 crore.
The arrested accused 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, North Goa, which granted the ED custody of the three accused until September 1.
The case stems 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 accused allegedly posed as officials of the Telecom Regulatory Authority of India and the Central Bureau of Investigation to deceive the victim.
The victim was allegedly kept under continuous video surveillance and shown a forged Supreme Court order before being pressured into transferring funds to accounts described as “Secret Supervision Accounts.”
According to the ED, the money was initially routed through nine primary conduit bank accounts and subsequently transferred through more than 400 mule accounts. The agency said the funds were layered through various channels, including ATM withdrawals and UPI transactions.
The investigation allegedly uncovered links to a larger network involving entities connected with travel, commodities and foreign exchange. The ED said the network handled transactions exceeding ₹27,850 crore, with cash deposits of nearly ₹2,904 crore through multiple bank accounts.
Data reportedly cross-checked with the Indian Cyber Crime Coordination Centre revealed 330 victim complaints and 163 FIRs across 20 States and Union Territories, with combined reported losses of ₹417.49 crore.
Authorities have so far lien-marked or frozen around ₹27.67 crore in suspected fraud proceeds across different parts of the country.
The ED has alleged that Moye, Chavan and Pawar were involved in operating the network and converting the proceeds generated through fraud.
The agency had earlier arrested brothers Fahim Moin Hussain Sayed and Naim Moin Hussain Sayed on August 23. The brothers are alleged by the ED to be the masterminds behind the wider corporate network.
The investigation into the alleged money-laundering operation is continuing.
