January 2025
➤ Early Jan:
• Search operations at 11 locations in Mumbai, Thane & Varanasi in an illegal foreign remittances money-laundering case; cash & jewellery and documents seized.
The Enforcement Directorate(ED) began 2025 with coordinated searches across Mumbai, Thane and Varanasi in an illegal foreign remittance and hawala-linked money-laundering case. Investigators alleged that unaccounted funds were routed abroad through shell entities and layered banking channels. During the searches, the ED seized cash, jewellery and incriminating documents, indicating structured laundering of proceeds of crime. The probe focused on beneficiaries, foreign end-points and professional enablers who allegedly helped camouflage the trail.
➤ Jan 23:
• ED conducts searches in the Torres investment fraud (Ponzi) money-laundering case across 10-12 locations in Mumbai and Jaipur.
The ED raided multiple premises in Mumbai and Jaipur in connection with the Torres investment scam, suspected to be a Ponzi-style operation. The agency alleged that investor funds were diverted through multiple accounts and shell firms, with little genuine business activity. Digital evidence and financial records were seized to trace the movement of funds and identify the ultimate beneficiaries. The case highlighted the growing use of misleading investment schemes to siphon public money.
February 2025
➤ Feb 10-14:
• Prosecution complaint filed in a Rs 464 crore bank fraud case against M/s Max Flex & Imaging Systems Ltd and 15 accused in Mumbai.
In February, the ED filed a prosecution complaint in a Rs 464-crore bank fraud case involving a Mumbai-based company and its promoters. The agency alleged that loan funds were siphoned off through bogus transactions and related-party entities, causing substantial loss to public sector banks. The complaint named multiple accused and detailed the laundering of proceeds of crime under the PMLA, marking a key step towards trial and attachment of assets.
➤ Feb 12:
• ED arrests two persons (Chirag Shah & Chintan Shah) in the “Fairplay” illegal online betting case linked to IPL/online broadcast piracy and money laundering under PMLA.
The ED arrested key accused in the Fairplay illegal online betting and broadcast piracy case, alleging that huge proceeds generated from unauthorised betting platforms were laundered through layered accounts and foreign channels. The probe revealed links to online streaming of sporting events, including IPL matches, and the use of shell companies to disguise profits. The case underscored the expanding footprint of tech-enabled betting syndicates.
➤ Feb 27, 2025
• Army Espionage Case – ISI Mole in Indian Army
Army jawan Sandeep Singh was identified as a “high‑value asset” allegedly recruited by Pakistan’s Inter‑Services Intelligence (ISI), receiving cash and bank transfers for leaking classified military information from Nashik’s Deolali Camp. The article detailed his alleged access to sensitive defense logistics data and how handlers invested in him to gain continued access to higher‑level military secrets. The reported network also includes an alleged mastermind and other recruits.
March 2025
➤ Mar 19:
• ED investigation in the *OctaFX money-laundering case unveils internal use of BI/software to mask Rs 800 Cr forex scam operations — indicating complex transaction patterns.
In March, the ED’s investigation into the OctaFX case revealed how sophisticated data visualisation and business intelligence tools were allegedly used to mask a forex trading scam worth over Rs 800 crore. The agency claimed that investor funds were routed through multiple entities and crypto-linked channels to conceal the trail. Searches and analysis of servers and digital records pointed to systematic laundering and misleading inducements to traders.
➤ March–December 2025:
• ED investigates Anil Ambani–linked entities under PMLA and FEMA, attaching assets linked to alleged loan diversion and unauthorized foreign transactions.
Between March and December 2025, the Enforcement Directorate launched a comprehensive probe under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) targeting Anil Ambani–associated companies, including Reliance Communications. The investigation focused on alleged diversion of a Rs 2,900+ crore SBI loan through multiple shell companies and interlinked group entities, alongside suspected unauthorized cross-border fund transfers. The ED alleged that these transactions constituted money laundering, with borrowed funds cycled through domestic and offshore accounts to obscure their origin and ultimate beneficiaries. Investigators conducted searches at corporate offices and residential premises in Mumbai, seizing bank statements, digital records, invoices, and other financial documents to reconstruct the financial trail. Statements of key executives were recorded to clarify fund flows, inter-company loans, and overseas transfers, while forensic audits were used to detect layering and round-tripping. Several domestic properties, bank accounts, and movable assets were provisionally attached under PMLA, claimed to represent proceeds of crime, while foreign fund trails were examined under FEMA to assess regulatory violations. By year-end, the ED had consolidated evidence of large-scale loan diversion, laundering, and unauthorized foreign remittances, establishing a strong case for prosecution under PMLA while simultaneously addressing FEMA breaches. The combined action highlighted Mumbai’s role in high-value corporate financial crime and underscored the agency’s dual mandate: securing illicit assets and enforcing compliance with anti-money-laundering and foreign exchange regulations.
April 2025
➤ Apr 03:
• ED provisionally attaches assets worth Rs 115.86 Cr in the NSEL investment fraud (multi-crore scam).
The ED provisionally attached assets worth over Rs115 crore in the National Spot Exchange Limited (NSEL) scam, one of India’s largest commodity market frauds. The agency alleged that defaulters laundered investor money by acquiring properties and other assets through benami arrangements. The attachment aimed to secure proceeds of crime for eventual restitution to victims, reinforcing the long-running effort to recover losses in the case.
➤ April–December 2025:
• ED investigation and prosecution complaints in major dabba trading and online betting cases, identifying Mumbai as a key operational hub.
Between April and December 2025, the Enforcement Directorate (ED) carried out a series of investigations targeting illegal betting, online gaming platforms, and dabba trading networks operating across Mumbai and other cities. The agency alleged that proceeds from these operations, estimated at over Rs 400 crore, were laundered through complex channels including UPI mules, cryptocurrency wallets, offshore accounts, and benami properties. Investigators identified several repeat offenders who used cloned and mirror apps to continue operations despite earlier crackdowns, while offshore servers in Dubai and Southeast Asia facilitated cross-border fund movements. The ED filed prosecution complaints under the Prevention of Money Laundering Act (PMLA), seizing digital records, financial statements, and bank accounts to reconstruct the flow of illicit proceeds. Searches revealed coordination between domestic operators and international betting platforms, with Mumbai emerging as the central hub for fund routing and operational management. The probe highlighted sophisticated layering and fund-masking techniques, including the use of shell companies and layered payment channels, making detection and tracing challenging. By year-end, the ED had consolidated evidence of large-scale laundering, established connections between operators and platforms, and taken steps to attach assets, including crypto holdings and real estate, reinforcing regulatory compliance and signaling strong enforcement against digital financial crime.
May 2025
➤ May 23:
• ED conducts searches in a Rs 350 Cr KGS Sugar bank loan scam across Nashik, Shirdi & Thane; cash, jewellery, vehicle & documents seized.
In May, the ED conducted searches in Maharashtra in the KGS Sugar bank loan fraud case, alleging diversion of hundreds of crores obtained from banks. Investigators claimed that funds meant for sugar mill operations were siphoned off through related firms and personal accounts. Cash, valuables and documents were seized, pointing to systematic misuse of credit facilities and laundering of proceeds.
➤ May–December 2025:
• ED continues action in the massive Punjab National Bank (PNB) fraud and related money‑laundering cases against fugitive diamantaire Mehul Choksi.
In 2025, the Enforcement Directorate pressed ahead with its Prevention of Money Laundering Act (PMLA) proceedings against Mehul Choksi, a key accused in the Rs13,000+ crore PNB loan fraud alongside Nirav Modi. Choksi, who had been on the run since 2018, was arrested in Belgium in April following a formal Indian extradition request and remains in European custody as legal battles over his return continue. A special PMLA court in Mumbai recently rejected his plea to drop the Fugitive Economic Offender (FEO) proceedings, allowing the ED’s application to continue. The agency has also handed over four attached Mumbai flats to liquidators to compensate victim lenders, while courts have cleared auction of additional properties linked to Choksi’s Gitanjali group. These enforcement measures aim to trace and recover proceeds of fraud and money laundering, reinforcing compliance and restitution for banks defrauded in one of India’s largest banking scam
➤May 29 -June 2025
• Naval Espionage – Thane Engineer Arrested
A 27‑year‑old Thane engineer, Ravindra Murlidhar Verma, was arrested by the Maharashtra ATS for allegedly leaking classified Indian naval secrets to Pakistani intelligence operatives via social media. The case highlighted concern that even private defence contract workers were being exploited to gather and pass sensitive information.
June 2025
➤ June 15–25, 2025:
• ED conducts searches across Mumbai and Kochi in the Rs65-crore Mithi River desilting scam.
Between June 15 and 25, the Enforcement Directorate(ED) launched a targeted investigation into the Mithi River desilting project, alleging that Rs 65 crore in civic funds were diverted through shell companies and intermediaries with political connections. Searches were carried out at corporate offices, contractor premises, and residential locations in Mumbai and Kochi, with bank statements, contracts, invoices, and digital records seized to trace the financial trail. The ED alleged that funds meant for river desilting and municipal maintenance were routed through multiple entities to obscure the beneficiaries, while layering and inter-company transfers masked the origin of misappropriated money. Investigators scrutinized the role of politically linked contractors and intermediaries, assessing ownership of assets purchased using diverted funds. By June 25, the ED had consolidated initial evidence and initiated steps for provisional asset attachment under the Prevention of Money Laundering Act (PMLA), aiming to secure funds and ensure recovery of misused public money.
➤ Jun 25:
• ED (Ahmedabad zonal office) searches sites in Gujarat & Maharashtra (including Mumbai) in a Rs 100 Cr cyber fraud / digital arrest scam for cross-border laundering.
The ED expanded its focus on cyber-enabled crime with searches linked to a Rs 100-crore “digital arrest” scam affecting victims across states. The probe revealed that fraudsters impersonated law enforcement agencies and extorted money, which was later laundered through mule accounts and crypto channels. Mumbai-linked entities and facilitators were found to be part of the laundering network.
➤ June–October 2025:
• ED investigates Vasai‑Virar illegal buildings and money laundering, arresting senior civic officials including ex‑commissioner Anil Kumar Pawar and freezing assets.
Between May and October 2025, the Enforcement Directorate’s Mumbai Zonal Office conducted an extensive probe into the illegal construction of 41 residential and commercial buildings on land in the Vasai‑Virar City Municipal Corporation (VVCMC) area that was earmarked for a sewage treatment plant and dumping ground. The investigation, based on multiple FIRs registered by the Mira‑Bhayandar‑Vasai‑Virar police, uncovered a deep‑rooted corruption cartel involving civic officials, builders, architects, chartered accountants and liaison agents who colluded to approve and sell unauthorised buildings to unsuspecting homebuyers. Searches at 12–13 locations in Mumbai, Pune, Nashik and Vasai‑Virar led to the seizure of cash, diamond‑studded jewellery and incriminating documents linked to the scam and money‑laundering operations. ED arrested former VVCMC Commissioner Anil Kumar Pawar (IAS), Deputy Director of Town Planning Y.S. Reddy, ex‑corporator Sitaram Gupta and Arun Gupta in August 2025 under the Prevention of Money Laundering Act (PMLA) after tracing bribes and commissions fixed per square foot for approvals. Pawar reportedly created shell entities in the names of family, relatives and benamidars to launder kickbacks collected for illegal clearances. The agency provisionally attached properties worth over ₹71 crore belonging to Pawar and others to secure proceeds of crime. The scandal revealed how civic power was abused to facilitate large‑scale unauthorised construction, with developers fabricating approval documents and selling flats despite demolition orders from courts
July 2025
➤ July 10–20, 2025:
• ED summons senior CIDCO officials over Kharghar land allotment irregularities.
Between July 10 and 20, the Enforcement Directorate(ED) initiated a probe into alleged irregularities in land allotments by CIDCO in Kharghar, Mumbai. Officials were summoned to clarify suspected undervaluation of prime land parcels and quid-pro-quo arrangements that allegedly caused massive losses to the exchequer. The agency examined allotment records, approvals, and financial documents to identify beneficiaries and trace possible diversion of funds. Investigators focused on the role of senior CIDCO officials and intermediaries, assessing whether procedural lapses facilitated irregular transfers and preferential deals. By the end of the month, the ED had consolidated preliminary evidence and considered provisional attachment of assets linked to the alleged irregularities to safeguard public funds under the Prevention of Money Laundering Act (PMLA).
➤ July 15–25, 2025:
• ED raids 14 locations linked to an alleged illegal religious conversion funding syndicate, including a Mumbai Bandra site tied to hawala and foreign fund transfers.
Between July 15 and 25, the Enforcement Directorate(ED) conducted nationwide searches targeting networks allegedly involved in illegal religious conversion funding. Mumbai premises, including a key Bandra location, were raided as part of the coordinated operation. Investigators scrutinized the suspected misuse of NGOs, foreign donations, and hawala channels to route funds, highlighting covert cross-border financial flows supporting unlawful activities. Bank statements, digital records, and organizational documents were seized to trace fund movement, while statements of key operatives were recorded. The ED aimed to map the complete network, identify beneficiaries, and secure proceeds of crime under the Prevention of Money Laundering Act (PMLA).
➤ July–December 2025:
• NIA and ED intensify probe into the ISIS-linked terror module led by veteran extremist Saquib Nachan, seizing assets and exposing terror financing.
Between July and December 2025, India’s counter-terror agencies focused on the ISIS-affiliated network in Maharashtra, with Nachan, a former SIMI leader, at its core. Nachan and his son, Shamil Nachan, had been under NIA custody since 2023, accused of radicalising youth, establishing a “liberated zone” in Padgha (Thane), recruiting operatives, and plotting anti-national activities. In June, Nachan suffered a brain stroke in Tihar Jail and subsequently died, intensifying security concerns in Padgha and prompting enhanced police deployment.
August 2025
➤ Early Aug:
• ED arrests an ex-mutual fund manager in a front-running / market manipulation case involving multiple cities (including Mumbai searches).
The ED intensified scrutiny of financial market-related offences, including alleged front-running and manipulation by market intermediaries. Mumbai-based professionals and entities were examined for laundering illicit gains through investments, benami holdings and layered transactions, reinforcing regulatory oversight in the financial capital.
➤ August–December 2025:
• ED and CBI probe the Igatpuri fake call centre scam targeting U.S. and Canadian citizens, uncovering cross-border fraud, money laundering, and potential lapses by senior police officials.
Between August and December, investigative agencies dismantled a sophisticated fake call centre operating from a luxury resort in Igatpuri, Nashik district, part of a transnational network that impersonated e-commerce and government support services to extract funds via gift cards, cryptocurrency, and phishing schemes. Initial raids by the CBI on August 8–9 led to the arrest of five primary accused — Vishal Yadav, Shebaz, Durgesh, Abhay Raj alias Raja, and Sameer alias Kalia alias Sohail — and the seizure of Rs 1.2 crore in cash, 500 g gold, seven luxury cars, 44 laptops, and 71 mobile phones, along with digital records of crypto transactions.The Enforcement Directorate registered a money-laundering case under the PMLA, tracing proceeds through hawala channels, layered bank accounts, crypto wallets, and shell entities to map the flow of illicit funds. Investigators also examined the role of senior IPS officers whose transfers coincided with the syndicate’s relocations, probing potential lapses or indirect facilitation. The Igatpuri call centre was linked to earlier operations in Palghar and Raigad, highlighting Mumbai and surrounding districts as key hubs for large-scale cyber-fraud laundering, making this one of the most complex call centre syndicates uncovered in 2025.
September 2025
➤ Raids on eight Mumbai premises linked to alleged proceeds from a drug trafficking network (Faisal & Alfiya Shaikh).
The ED action in drug trafficking-linked money laundering probes, with Mumbai identified as a key financial conduit. The ED tracked cash movements, shell firms and property acquisitions allegedly linked to narcotics syndicates, strengthening inter-agency coordination to disrupt organised crime finances.
➤ September-October 2025:
• Rural Maharashtra sees a spike in “crypto‑Christianity” cases as alleged secret conversions fuel communal tensions.
Between June and August 2025, intelligence and police agencies in rural and tribal parts of Maharashtra recorded a noticeable increase in reports of secret or clandestine Christian conversions, described in media and political discourse as “crypto‑Christianity,” where individuals adopt Christian practices privately while retaining outward Hindu identities. The trend was seen especially among marginalised groups seeking relief from caste‑based oppression, financial pressures, and social disadvantages, leading to complex social dynamics where voluntary conversions blurred with covert adherence. Officials noted that clandestine religious practice complicated investigations into alleged forced or induced conversions, intensifying mistrust between Hindu and Christian communities. Viral social media content and political narratives sensationalised these incidents, further stoking communal tensions, with reports of intimidation, vandalism against churches, mob attacks on clergy, and politically charged statements following cases such as the tragic death of a pregnant woman in Sangli attributed by her family to harassment tied to religious conflict. The Maharashtra State Intelligence Department warned that unchecked allegations and misinformation could escalate social friction in already sensitive rural pockets.
October 2025
➤• ED conducts searches at multiple Mumbai premises linked to organised crime and drug trafficking cases.
In October, investigators alleged that proceeds from the narcotics trade were laundered into real estate, luxury vehicles and businesses, underlining Mumbai’s role in high-value laundering operations.
➤November and December 2025
• Central agencies probe alleged espionage involving a BARC scientist; suspected links to foreign intelligence operatives and Pakistan under investigation.
Between October and December 2025, central intelligence and security agencies intensified investigations into an alleged espionage case involving a senior scientist associated with the Bhabha Atomic Research Centre (BARC). The scientist was detained and questioned over suspected leaks of sensitive and classified information related to India’s strategic and nuclear research programmes. Investigators alleged that confidential data may have been shared with foreign handlers operating through intermediaries posing as researchers and consultants. Intelligence inputs pointed to possible links with foreign intelligence agencies, including suspected Pakistani operatives, with communication allegedly routed through encrypted platforms, proxy email accounts and overseas contacts. Financial records, digital devices and travel history were examined to establish whether monetary inducements or coercion were involved. Officials stressed that the probe was at a sensitive stage and that conclusions would be drawn only after forensic and technical analysis of seized material. The case triggered heightened security reviews at strategic installations, with agencies reinforcing internal vetting and counter‑intelligence mechanisms to prevent insider threats. Authorities maintained that national security safeguards remained intact while investigations continued under applicable security and criminal laws.
November 2025
➤ November 13–21, 2025:
• ED raids premises linked to industrialist Vikas Garg in a Rs190‑crore customs duty evasion and money‑laundering probe.
Between November 13 and 21, the Enforcement Directorate(ED) conducted coordinated searches at locations linked to Vikas Garg and associated entities, including Titan Sea & Air Services Pvt Ltd, following allegations of falsified export documents and diversion of consignments meant for Nepal and Bangladesh into the domestic market. Investigators claim these transactions led to an estimated Rs 190 crore loss to the exchequer. The ED scrutinised financial records, shell companies, and UAE-linked firms allegedly used to route funds and obscure money trails. Digital devices and documents were seized to map cross-border transfers and potential laundering of proceeds under the Prevention of Money Laundering Act (PMLA). On November 21, Garg was grilled for over eight hours at the ED Mumbai office, with officials examining foreign linkages, role in shell firms, and fund flows. The probe highlights Mumbai’s centrality in high-value industrial financial crime and regulatory enforcement.➤ November-December , 2025:
➤ November 25-29 2025:
• ED conducts searches at 12 locations in Maharashtra in foreign funding and money‑laundering probe against Jamia Islamia Ishaatul Uloom (JIIU).
The Enforcement Directorate’s Mumbai Zonal Office carried out coordinated search operations under the Prevention of Money Laundering Act (PMLA) at 12 locations across Maharashtra, including in Nandurbar and Mumbai, in connection with an ongoing investigation into the Jamia Islamia Ishaatul Uloom (JIIU) trust and associated individuals. The action stemmed from an FIR registered on February 11, 2025, and a chargesheet filed in April 2025 by the Akkalkuwa Police Station, naming Al‑Khadami Khaled Ibrahim Saleh, his wife Khadega Ibrahim Kasim Al‑Nasheri and the trust’s founder Ghulam Mohammad Randhera Vastanvi, among others, as accused in relation to suspicious financial activities. Preliminary ED findings suggest that the JIIU trust, based in Nandurbar, received nearly ₹406 crore in foreign donations between 2014‑15 and 2023‑24 from jurisdictions including Kuwait, Botswana, the UK, Mauritius, Switzerland, Seychelles and Panama funds that are now under scrutiny for alleged diversion and violations of the Foreign Contribution Regulation Act (FCRA). During the searches, the ED seized Rs 9 lakh in cash, incriminating documents and digital devices to map money flows and examine whether foreign contributions were channelled improperly or used for non‑approved purposes. The probe also follows earlier findings that the trust may have used foreign nationals to falsely bolster its staffing image to attract overseas funding and potentially routed funds through undisclosed or non‑FCRA‑registered entities
December 2025
➤ December 11–13, 2025:
• ED and NIA deepen Padgha terror module probe; raids at 40+ locations, assets seized and terror links exposed.
Between December 11 and 13, the National Investigation Agency (NIA) and the Enforcement Directorate (ED) intensified operations in the Padgha–Borivali region of Thane as part of a long‑running probe into an ISIS‑linked terror module first uncovered years earlier. The NIA’s involvement stems from multiple FIRs and charge sheets against suspected operatives who allegedly declared Padgha a self‑styled “liberated zone” promoting radicalisation, recruitment and terror logistics. Operating under the Unlawful Activities (Prevention) Act and IPC, the NIA traced terror financing and extremist activities tied to individuals once associated with the banned SIMI/ISIS network in Maharashtra, including links to recruitment and IED fabrication. Building on this, on December 11, the ED’s Mumbai Zonal Office, acting under the Prevention of Money Laundering Act (PMLA), conducted coordinated raids at over 40 locations across Maharashtra and several states, including Padgha, Mumbai, Delhi, Kolkata, Hazaribagh, Prayagraj, Daman and Ratnagiri. Investigators seized approximately Rs 9.7 crore in movable assets, including cash and gold bullion, frozen 25 bank accounts linked to suspects, and recovered incriminating documents, digital devices and property records tied to the terror financing network. Financial forensics indicated hawala and suspicious transactions channelled through regional traders reportedly linked to illegal khair wood smuggling, which may have been used to fund extremist activities. The joint NIA‑ED action highlights efforts to dismantle not just the operational terror cell but the underlying financial infrastructure that sustained it, bringing renewed focus on Padgha as a national security concern
➤ Dec 19:
• Major nationwide ED searches (incl. Mumbai & Nashik) in the Rs 2,434 Cr Jai Corp fraud case connected to Dream11’s parent & associated entities.
The ED conducted large-scale searches and seizures in the Rs 2,434-crore Jai Corp fraud case, freezing bank deposits, mutual funds and seizing cash linked to senior corporate figures. The agency alleged complex diversion of funds, misuse of investor money and laundering through layered transactions. The case became one of the most high-profile ED actions of 2025. ED seizes Rs 1.8 Cr cash & freezes assets Rs 99 Cr of Jai Corp director Anand Jain amid the Jai Corp fraud investigation.
➤ Dec 19:
• Asset attachment Rs 7.93 Cr in the 1xBet illegal betting money-laundering case involving assets of several celebrities.
In December, the ED provisionally attached assets linked to celebrities in the 1xBet illegal online betting case, alleging that endorsement fees and related earnings were proceeds of crime. The agency claimed the platform operated illegally in India and laundered funds through payment gateways and foreign accounts. The action drew attention to celebrity links and compliance failures.
➤ Dec 27:
• ED exposes a network of 26 fake crypto platforms allegedly used for cross-border investment fraud and laundering.
The ED exposed 26 fake crypto investment platforms allegedly used to defraud investors and launder money across borders. Investigators said funds were routed through hawala channels, P2P crypto transfers and shell wallets before being converted into assets in India and abroad. The case highlighted emerging threats in the digital asset space.
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