ED arrests two for laundering ₹400 crore from online frauds

This is a press release from the Directorate of Enforcement (ED), Chennai, announcing the arrest of two individuals under the Prevention of Money Laundering Act (PMLA), 2002, for orchestrating a network that laundered over Rs. 400 Crore in proceeds from online frauds using mule accounts and cryptocurrency.

Who it concerns: The document concerns Roshan Fiaz and Ammar (the accused), the Directorate of Enforcement (the investigating authority), the Special PMLA Court in Chennai (the judicial authority), and victims of online frauds in Tamil Nadu, Telangana, Karnataka, and West Bengal.

What the ED says it did

• Roshan Fiaz and Ammar were arrested on 30.10.2026 under PMLA, 2002.
• The investigation relates to money laundering of proceeds from online frauds (investment schemes, jobs, share market) totaling over Rs. 400 Crore.
• The modus operandi involved transferring victim funds to mule accounts, breaking them into small amounts, and converting portions into USDT cryptocurrency.
• Roshan Fiaz operated 31 mule bank accounts (in his name, his wife's name, and controlled entities) with transactions exceeding Rs. 300 Crore.
• Ammar supplied mule bank accounts, account kits, net-banking credentials, SIM cards, mobile phones, and email IDs to Roshan Fiaz.
• The Special PMLA Court in Chennai granted 14 days of judicial custody to both accused.
• ED seized Rs. 14.50 lakh in cash, cryptocurrency worth Rs. 3.26 Crore, and froze approximately Rs. 88.28 lakh in bank accounts.

Also in the document

• The initial investigation was based on two FIRs: one by the State Cyber Crime Command Centre, Tamil Nadu Police, and another by Cyber Crime Police Station, Cyberabad, Telangana.
• During the investigation, 10 additional FIRs in Telangana, Karnataka, and West Bengal were linked to the same network.
• More than 600 cybercrime complaints have been linked to this specific network.
• The investigation is ongoing.