The Enforcement Directorate (ED), Chennai Zonal Office, conducted search operations on 10.07.2026 and 11.07.2026 at 16 locations in Tamil Nadu, two in Kerala, and one in Srinagar under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering investigation related to online cyber frauds, including “fake investment” and “work from home” scams.
In a release dated July 12, the ED said: “During the searches, several incriminating documents, digital devices, mobile phones, laptops, records related to bank accounts, documents pertaining to the incorporation of companies, accounting books, and documents related to shell entities were recovered and seized. Cryptocurrency wallets, virtual digital assets, crypto exchange accounts, recovery phrases, and other digital evidence related to cryptocurrency transactions were also traced and secured. Cryptocurrency assets worth approximately ₹3.35 crore and cash amounting to ₹14.50 lakh were seized. Several bank accounts holding more than ₹40 lakh, operated in the names of the accused and associated entities, have also been frozen.”
The ED initiated the investigation on the basis of FIR No. 25/2025 and FIR No. 637/2022 registered by the Tamil Nadu Police and Telangana Police, respectively, for offences punishable under various provisions of the Bharatiya Nyaya Sanhita, 2023/Indian Penal Code, 1860, and the Information Technology Act, 2008, which are scheduled offences under the Prevention of Money Laundering Act, 2002.
The release states: “ED investigation revealed that unknown cyber fraudsters induced innocent victims to invest money through fake online investment platforms and fraudulent ‘Work from Home’ schemes by making false promises of lucrative returns and commissions. On such inducement, the complainants transferred ₹14.95 crore into various bank accounts controlled by the accused persons. The funds were immediately layered through multiple mule bank accounts and shell entities before being converted into cryptocurrency and further transferred through multiple crypto wallets to conceal their origin and ownership.”
The ED investigation further revealed that Roshan Fiaz is one of the principal persons involved in laundering the Proceeds of Crime. He, along with his associates, allegedly operated and controlled multiple mule bank accounts in his own name, in the name of his wife, and through various shell entities, including M/s Wingsonwings Technology Pvt. Ltd., M/s Trading Wheels Pvt. Ltd., and Garnet Management Consulting.
Analysis of the beneficiary bank accounts involved in FIR No. 25/2025 revealed that several accounts receiving the defrauded funds were mule accounts, opened shortly before receipt of the funds and subsequently closed after further transfer of the amounts.
The ED said its probe revealed that Rs. 80,000 out of the Proceeds of Crime in FIR No. 25/2025 was transferred to the bank account of M/s R.K. Electrical Prop. Eshak Sharif, an entity associated with Roshan Fiaz. The investigation also revealed that the tainted funds were routed through several business entities and associated persons, including M/s R.K. Electrical, Balmani Oil Store & Agency, M/s JK Footwear, Team Well Engineering and others, for layering and integration of the Proceeds of Crime.
Further, the release said: “Scrutiny of the bank account of Luban Parvez, an accused in FIR No. 637/2022, reveals transfer of more than Rs. 45 lakh to the bank account of Roshan Fiaz. During the searches, several incriminating documents, digital devices, mobile phones, laptops, bank account records, company incorporation records, books of accounts and documents relating to shell entities were recovered and seized under the provisions of the PMLA, 2002.”
Details relating to cryptocurrency wallets, virtual digital assets, crypto exchange accounts, recovery phrases and other digital evidence connected with cryptocurrency transactions were also found and secured. Cryptocurrency assets valued at approximately Rs. 3.35 crore and cash amounting to Rs. 14.50 lakh have been identified and seized under the provisions of the PMLA, 2002. Several bank accounts in the names of the accused and their associated entities, holding more than Rs. 40 lakh, have been frozen.
