ED busts ₹11.5 Cr scam: Indians pose as Bank of America to trick US woman

Business Standard

2 days ago

The Enforcement Directorate (ED) on Friday uncovered a large-scale cyber fraud and money laundering operation worth ₹11.54 crore, orchestrated from Punjab's Zirakpur and Mohali. The scam involved duping a U.S. citizen by impersonating officials of Bank of America.
The Chandigarh Zonal Office of the ED conducted searches at four locations on July 29, 2025, under the Prevention of Money Laundering Act (PMLA), 2002. The key accused, Vikramjeet Singh, along with Anchal Mittal and Akshay Mittal, allegedly ran a fake call centre targeting foreign nationals and accessed victims' computers to siphon off funds.
How the Scam Worked
According to the ED investigation, the accused contacted U.S.-based Merle Lee Korejwo and illegally accessed her computer posing as bank officials. They transferred over $ 1.38 million (approximately ₹11.54 crore) from her accounts.
The illicit gains, classified as Proceeds of Crime (POC), were routed through over 100 bank accounts, converted into cryptocurrencies, and invested in immovable assets in a bid to launder and legitimise the funds.
What the ED Found
Bank accounts worth ₹50 lakh frozen
Three properties worth over ₹1.5 crore unearthed
Digital evidence and incriminating documents seized
Use of crypto transactions to obscure money trail
"During the search operations, various incriminating documents, digital evidences have been seized and numerous bank accounts having balance of Rs. 50 Lakh (approx.) associated to Vikramjeet Singh & Ors. were frozen. Besides, 3 immovable properties valued at more than Rs. 1.5 Crore have also been unearthed," ED said in a statement.
ED investigation revealed that Vikramjeet Singh, Anchal Mittal and Akshay Mittal in connivance with others had set up a fraudulent call Centre in Zirakpur wherein they impersonated as Bank employees and took illegal access of computer of foreign citizens and thereby committed fraud/online.
The Proceeds of Crime (POC) generated by the aforesaid crime has been utilised for purchase of cryptocurrency which was further routed through more than 100 bank accounts to hide the source of illegal money. Several immovable properties have also been purchased using the POC to hide the source and project the same as untainted.
What Happens Next?
The ED continues to investigate the broader laundering network, especially the use of crypto assets and layered banking channels. Authorities are also assessing whether additional international victims or financial institutions were impacted.
This case builds on a growing trend of Indian-origin scams targeting elderly or vulnerable individuals abroad, using tech-savvy call centres, fraudulent banking portals, and digital asset laundering tools.