The Enforcement Directorate (ED) arrested two men in connection with an alleged pan-India cyber fraud and money laundering network worth more than Rs 400 crore. Roshan Fiaz and Ammar were arrested on 30 October 2026 by the ED Chennai Zonal Office-II. They were produced before the Special PMLA Court in Chennai and remanded to 14 days of judicial custody. According to the ED, the case involves laundering money generated through online frauds. Investigators identified links to more than 600 cybercrime complaints. The proceeds were allegedly routed using mule bank accounts and cryptocurrency transactions, including USDT, also known as Tether. The investigation began based on two FIRs. One was registered by the State Cyber Crime Command Centre of the Tamil Nadu Police, and another by the Cyber Crime Police Station in Cyberabad, Telangana. During the probe, the ED identified ten additional FIRs in Telangana, Karnataka and West Bengal, bringing the total linked FIRs to at least twelve. The alleged fraud scheme worked through telephone calls and social media. Victims were induced to transfer money using various fraudulent propositions, including fake investment schemes, fake job offers and share-market investment schemes. After victims transferred funds, the money was allegedly received in mule accounts. The ED says funds were then moved across multiple accounts in smaller amounts, with some withdrawn as cash. Other portions were converted into cryptocurrency via wallets, including USDT. The ED described Roshan Fiaz as a key person operating a chain of mule bank accounts. The ED alleged that the accounts were held in his name, his wife’s name, and the names of several proprietorship entities and other entities controlled by him. Investigators said debit and credit transactions exceeding Rs 300 crore were identified in 31 such accounts. Ammar was identified as another important participant. The ED alleged that he supplied mule bank accounts and also provided account kits including internet banking credentials, SIM cards, mobile phones and email IDs used to receive Indian rupees from cryptocurrency buyers. Before the arrests, the ED carried out searches under Section 17 of the Prevention of Money Laundering Act at locations linked to Roshan Fiaz, Ammar and associated entities. Seized items included Rs 14.50 lakh in cash and cryptocurrency worth Rs 3.26 crore. The ED also said it froze about Rs 88.28 lakh in multiple bank accounts. The ED is investigating the matter under the Prevention of Money Laundering Act, 2002, which covers processes connected with proceeds of crime, including their concealment, possession, acquisition and use. The latest status is that the accused remain in judicial custody as ordered by the Special PMLA Court in Chennai.