The Enforcement Directorate (ED) arrested two people in connection with an alleged nationwide cyber fraud and money laundering network involving more than ₹400 crore. The probe started from a Cyberabad cybercrime case, and the ED said the suspected network moved fraud proceeds using mule bank accounts and cryptocurrency transactions. The ED’s Chennai Zonal Office-II arrested Roshan Fiaz and Ammar on October 30 under the Prevention of Money Laundering Act (PMLA). Investigators said the underlying investigation began with two criminal cases registered by the Cyberabad cybercrime police and the Tamil Nadu State Cyber Crime Command Centre. During the probe, the ED identified 10 additional FIRs across Telangana, Karnataka and West Bengal, and traced more than 600 cybercrime complaints allegedly linked to the financial network. Victims were allegedly approached through telephone calls and social media platforms with offers of fake investment opportunities, jobs and share market schemes. The ED alleges victims were persuaded to transfer money into bank accounts controlled by the network, then the funds were distributed through multiple accounts via smaller transactions to make the money trail harder to follow. The ED alleged mule accounts were used to receive and move the proceeds. It said some funds were withdrawn as cash, while a significant portion was converted into cryptocurrency, including USDT, to conceal the origins. The agency identified 31 bank accounts allegedly controlled by Fiaz in his name, his wife’s name and the names of associated firms and entities. Debit and credit transactions through these accounts exceeded ₹300 crore, the ED said. Ammar was alleged to have supplied mule accounts and banking kits containing internet banking credentials, SIM cards, mobile phones and email IDs. Earlier searches under Section 17 of the PMLA led to seizures of ₹14.5 lakh in cash and cryptocurrency assets worth about ₹3.2 crore, and the freezing of ₹88.2 lakh held in bank accounts linked to the investigation. Both accused were produced before a special PMLA court in Chennai and remanded to 14 days of judicial custody. The ED said the investigation has exposed alleged links between online investment fraud, mule banking networks and cryptocurrency-based money laundering across multiple states.