OFFICIAL ANNOUNCEMENT: https://x.com/dir_ed/status/1943980559761547306
On July 11 and July 12, 2025, the Enforcement Directorate (ED) in India raided several locations operated by M/s Magnatel BPS Consultants and LLP, who are accused of deceiving Americans with loan scams, where
- the scammers made unsolicited cold calls to their victims under the guise of representatives with their banks to offer “attractive” loan schemes.
- the victims will be asked to share sensitive financial information, including account numbers and login credentials so the scammers can illegally transfer large sums of money from their accounts.
- the money, which is believed to amount to several million dollars, will first be sent to associates based in the United States to avoid suspicion before being converted to cryptocurrency.
During these raids, police arrested kingpins Sanjay More and Ajit Soni and seized 7kg of gold (worth $522,299), 62kg of silver (worth $62,484), $137,439.59 in Indian rupees, documents related to immovable properties valued at $1,071,562.93 and incriminating digital evidence related to the fake call center.