ED Attaches ₹1.76 Crore in SP Oswal ‘Digital Arrest’ Case; Cyber Fraud Trail Spans Mule Accounts and Shell Firms

Moneylife Digital Team 18 February 2026

Economy & Nation

The directorate of enforcement (ED) provisionally attached bank balances worth ₹1.76 crore in connection with its ongoing money laundering probe into the high-profile digital arrest cyber fraud involving industrialist SP Oswal.

In a statement, ED’s Jalandhar zonal office says it issued a provisional attachment order on 14 February 2026 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, attaching funds lying in the bank account of Mrityunjya Multitrade, identified as one of the mule entities used to route proceeds of cybercrime.

The money laundering investigation stems from a first information report (FIR) registered by the cybercrime police station at Ludhiana, under the Bharatiya Nyaya Sanhita (BNSS), 2023.

According to ED, fraudsters impersonating officers of the central bureau of investigation (CBI) extorted ₹7 crore from Mr Oswal during what has come to be known as a 'digital arrest'. The accused allegedly placed the industrialist under prolonged video surveillance and coerced him into transferring funds on the pretext of an ongoing money laundering probe.

A report published earlier by Moneylife had detailed the elaborate modus operandi. The fraudsters allegedly staged a fake online hearing purportedly of the Supreme Court of India, displayed fabricated arrest warrants and claimed the warrants had been issued by the enforcement directorate, Mumbai.

The gang is reported to have instructed Mr Oswal to transfer ₹7 crore into what they described as a 'secret supervision account (SSA)' in August 2024. The fraud allegedly took place between 29th August and 30 August 2024.

At that time, Mr Oswal told reporters that he was falsely accused of involvement in a money laundering case linked to Naresh Goyal. He stated that he had never met or spoken to Mr Goyal. He further described being kept under continuous digital surveillance over Skype for two days, including overnight monitoring.

ED says its probe has revealed that the funds were routed through multiple mule accounts operated by accused Rumi Kalita and Arpit Rathore. Rumi Kalita allegedly established links with Atanu Choudary and used the bank account of Frozenman Warehousing and Logistics to launder illicit proceeds.

Investigators found that proceeds from eight other cyber-crime cases were also credited into the account of Frozenman Warehousing and Logistics on 28 August 2024. Funds were further channelled through Rigglo Ventures Pvt Ltd and subsequently transferred to several mule bank accounts in a systematic manner to conceal the origin of the money.

ED stated that a portion of the proceeds was layered through shell entities and routed outside India using trade-based money laundering mechanisms. The remaining funds were allegedly utilised to acquire virtual digital assets.

The attached amount of ₹1.76 crore was lying in the bank account of Mrityunjya Multitrade which the agency identified as one of the mule entities used to receive and divert proceeds of crime arising from multiple digital arrest and cyber fraud cases.

According to investigators, several mule accounts were opened by luring economically vulnerable individuals with false promises of loans or employment.

Earlier searches were conducted on 31 January 2025, 22 December 2025 and 31 December 2025. Rumi Kalita was arrested on 23 December 2025, while Arpit Rathore was arrested on 31 December 2025. Both accused are currently under judicial custody.

As reported by Moneylife, Ludhiana police had earlier identified an inter-state gang and arrested two individuals from Guwahati. During the arrests, authorities reportedly confiscated ₹5.25 crore from their bank accounts, along with six ATM cards and three mobile phones.

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