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Malta, Curacao and Cyprus companies under scrutiny by India over cyber fraud syndicate

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Indian authorities are zeroing in on online gaming companies and websites which are incorporated in Curacao, Malta and Cyprus after the arrest of a Delhi man involved in a cyber fraud case worth hundreds of millions of dollars.

According to reports, the country’s Enforcement Directorate is targeting numerous companies and websites through which investors in various regions of India were targeted by a criminal syndicate which cheated them out of their funds.

A money-laundering probe has been launched based on reports from information from regions including Delhi, Uttar Pradesh and more, which allege victims were cheated via online schemes and games.

One case in particular involved utilizing servers based in the United Arab Emirates, with a parallel setup within Indian to facilitate the UAE operations.

Arrests made earlier this year already netted gold bars, ash, jewelry, luxury cars and watches.

Authorities believe these to be gains from an operation involving shell companies, which transferred funds overseas.

Victims were lured with the promise of high returns on investments, part-time job promises, online shopping benefits and more – following a similar modus operandi of that applied in the so-called ‘Macau scam’.

Some 200 companies or firms are believed to be involved in the syndicate, importing high-value items such as solar panels and rose oil from places like Dubai, Hong Kong and China.

The scheme is believed to have run between 2020 and this year, with the gains of nearly Rs4,798 crore ($600.7 million) “siphoned abroad”.

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The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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