Fake Loan Scam Targeting Americans Busted by ED in Major Crackdown

The Enforcement Directorate (ED) recently dismantled a large-scale international fraud ring operating across Pune, Ahmedabad, Jaipur, and Jabalpur, targeting American citizens through fake loan scams. The raids led to the seizure of ₹1.18 crore in cash, 7 kg of gold, 62 kg of silver, and documents related to immovable assets worth ₹9.2 crore.

Two key accused, Sanjay More and Ajit Soni, partners in M/s Magnatel BPS Consultants and LLP, were arrested in Jaipur as part of the coordinated operation.

At the heart of the scam was a fake call center in Pune, active since July 2024, where fraudsters posed as bank representatives offering fake loans to U.S. citizens. After gaining victims’ trust, they extracted sensitive personal and banking details, enabling unauthorized access to bank accounts and theft of funds.

The stolen money was swiftly converted into cryptocurrency (primarily USDT) and routed back to India via hawala channels, bypassing formal banking systems. Part of the proceeds was disguised through shell company accounts, while the majority funded a lavish lifestyle—gold, luxury vehicles, and high-value real estate.

This case highlights the increasing convergence of traditional money laundering with cyber-enabled financial crime.