States » NorthPosted at: Oct 1 2026 9:43PM


Key handler in S.P. Oswal Rs 7-crore ‘digital arrest’ case arrested, crypto and foreign links traced

Neeraj Bali
Chandigarh, Oct 1 (UNI) The Enforcement Directorate has arrested an alleged principal handler in the Rs 7-crore “digital arrest” fraud involving industrialist S.P. Oswal, saying its investigation has uncovered a network of mule bank accounts, cryptocurrency payments and foreign-based associates used to route and conceal proceeds of cybercrime.
Sohel Akhtar alias Raju was arrested in Kolkata on September 28, under the Prevention of Money Laundering Act (PMLA), after the ED's Jalandhar zonal office conducted searches at three locations in West Bengal, the agency said in a statement on Thursday.
After a Kolkata court granted transit remand, Akhtar was produced before a special PMLA court in Jalandhar, which remanded him to ED custody for seven days until October 6.
The money-laundering investigation stems from an FIR registered by the Cyber Crime Police Station in Ludhiana. The ED said nine additional FIRs involving alleged “digital arrest” cyber frauds linked to the same group had subsequently been brought within the scope of its investigation.
“During the digital arrest of S.P. Oswal, the fraudsters impersonating as officers of the Central Bureau of Investigation (CBI) and judiciary, extorted Rs 7 crore from him,” the ED said.
According to the agency, Rs 4 crore of the amount was initially transferred to an account of Frozenman Warehousing & Logistics and Rs 3 crore to Riglo Ventures Private Limited.
The ED alleged that bank accounts of Riglo Ventures are controlled and operated by Akhtar, whom it described as the “principal handler” involved in recruiting people and arranging mule bank accounts belonging to individuals and entities.
Investigators said mobile phones loaded with an APK application are used with SIM cards linked to these bank accounts, enabling foreign-based associates, including those in Nepal, to access one-time passwords (OTPs) and other SMS messages remotely.
“This arrangement facilitated the expeditious routing of proceeds of crime through the said bank accounts,” the ED said.
The agency purported that Akhtar supplied several mule accounts to foreign-based individuals and received commission in virtual digital assets, or cryptocurrency, either in his Binance account or accounts belonging to his associates.
The ED said another application, “AMMFORWARD”, had been used for rapid movement of the alleged proceeds. Earlier accused Arpit Rathore allegedly supplied mule bank accounts to people in Cambodia and Vietnam and received cryptocurrency as commission, the statement said.
Rumi Kalita and Rathore had previously been arrested on December 23 and December 31, 2025, respectively, taking the number of arrests in the money-laundering investigation to three.
The agency said part of the alleged proceeds was moved through numerous mule accounts in amounts ranging from Rs 2 to 5 lakh, followed by immediate cash withdrawals. The cash was allegedly used to acquire virtual digital assets that were transferred to accounts of foreign nationals after commissions were deducted.
“These mule accounts were opened by inducing economically vulnerable individuals with false promises of arranging loans or providing employment,” the ED said.
The investigation also found the alleged use of end-to-end encrypted private messaging applications to share mule bank-account details with foreign-based associates, according to the statement.
The ED said proceeds running into several crores and linked to various cybercrimes were allegedly layered through shell entities and remitted outside India using trade-based money-laundering mechanisms.
The agency has previously provisionally attached assets worth Rs 1.76 crore in the case and filed a prosecution complaint on February 19 against Rumi Kalita, Arpit Rathore, Anand Chaudhary, Atanu Chaudhary and Frozenman Warehousing & Logistics.
Further investigation is under way, the ED said.
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