In a major breakthrough against cybercrime, the ED has provisionally attached assets worth ₹5.23 crore from a global fraud network led by Kunal Gupta and Pawan Jaiswal. The duo allegedly used call centers to deceive victims into paying for fake services, laundering the proceeds through shell companies and luxury investments. Key seizures include high-value real estate and 37 horses linked to money laundering operations.
by PC Bureau
The Enforcement Directorate (ED) has provisionally attached assets worth ₹5.23 crore in connection with an elaborate international cyber fraud operation allegedly masterminded by Kunal Gupta, owner of Met Technologies, and his associate Pawan Jaiswal. The seized properties include 37 horses from KG Stud Farm LLP, valued at ₹3.98 crore, and flats in the Greenleaf Complex, Baguiati, Kolkata, worth ₹1.08 crore.
The cyber fraud network employed sophisticated methods to dupe victims across India and abroad, including the United States, the United Kingdom, and Australia. The fraudulent activities were conducted under the guise of legitimate operations by Met Technologies, a Kolkata-based BPO firm.
- Creation of Fake Websites and Identities
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- Fraudsters created counterfeit websites mimicking well-known service providers in tech support, loan facilitation, and insurance. These sites targeted individuals seeking help for technical issues, financial aid, or insurance-related queries.
- Cold Calling and Phishing Scams
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- Call centers operated by the network contacted unsuspecting victims, pretending to be representatives of reputed companies.
- Victims were misled with fabricated problems like computer viruses or financial discrepancies, inducing fear and urgency.
- Extraction of Sensitive Personal Data
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- Under false pretenses, victims were coerced into sharing banking credentials, personal information, and passwords. Fraudsters exploited this data to siphon funds or commit further scams.
- Payments for Bogus Services
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- Victims were persuaded to make payments for non-existent services, such as resolving fabricated tech issues or processing fake loans. The funds were routed through shell companies operated by the accused, obscuring the money trail.
- Laundering and Diversification of Illicit Proceeds
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- The fraudulently obtained money was laundered through entities like KG Stud Farm LLP and GD Infotech. Investments were made in high-value assets such as horses and real estate to conceal the origins of the funds.
Investigations revealed that KG Stud Farm LLP was instrumental in laundering funds. The proceeds of the fraud were used to purchase, train, and maintain 37 horses, stationed at various race clubs and riding schools in India. Winnings from horse races were reinvested, creating a continuous cycle of money laundering.
Pawan Jaiswal, through GD Infotech, allegedly used laundered funds to acquire flats at the Greenleaf Complex. Financial records showed unexplained cash deposits and transactions with no legitimate income sources, directly linking the properties to the criminal proceeds.
The ED’s Kolkata Zonal Office issued the current attachment order on December 3, under the Prevention of Money Laundering Act, 2002 (PMLA). This follows an FIR filed by the Cyber Crime Police Station, Bidhannagar, accusing Met Technologies and its directors of cheating, forgery, and criminal conspiracy.
This is not the ED’s first action in the case. Earlier investigations led to the attachment of properties worth ₹67.23 crore in November 2023 and ₹85 lakh in July 2024, also linked to Gupta and his associates. Previous searches of residential and commercial premises yielded incriminating documents, digital evidence, and cash.
The attached assets underscore the extravagant lifestyle of the accused, financed through fraudulent operations. The 37 horses, valued at nearly ₹4 crore, represent a significant portion of the laundered proceeds, while the flats in Kolkata reflect efforts to diversify and secure their ill-gotten wealth.
