Goa Enforcement Directorate has arrested three key operatives involved in operating a nationwide money-laundering network amounting Rs 417-Crore, fueled by "Digital Arrest" and investment frauds. The arrested accused—Chartered Accountant Bhushan Suryakant Moye (47), and cash-conversion agents Shailesh Dagdu Chavan (38) and Vilas Narayan Pawar (61), all residents of Mumbai—were produced before the North Goa Special PMLA Court at Merces, which granted the agency ED custody till 1 September.

​The money laundering probe was initiated under the Prevention of Money Laundering Act, following an FIR registered by the Cyber Crime Police Station, North Goa. The case originated from a complaint filed by Margao resident, who was coerced into transferring over ₹2.60 crore between 21 May and 2 June, 2025.

​The fraudsters impersonated officials from the Telecom Regulatory Authority of India (TRAI) and the Central Bureau of Investigation (CBI), placed the victim and her husband under round-the-clock video surveillance, produced a forged Supreme Court order, and forced them to deposit life savings into fake "Secret Supervision Accounts".

​The ED's financial investigation revealed that the defrauded funds were initially credited into nine primary conduit accounts, before being rapidly fragmented and layered across more than 400 mule accounts, ATM withdrawals, and UPI gateways.

​Tracing the money trail beyond the secondary layer uncovered an interconnected web of travel, commodity, and foreign exchange entities, the syndicate transacted over ₹27,850 crore across bank accounts and deposited nearly ₹2,904 crore in cash. ​Cross-referencing data with the Indian Cyber Crime Coordination Centre identified 330 victim complaints and 163 registered FIRs across 20 States and Union Territories linked to these accounts, with reported losses totaling ₹417.49 crore. Approximately ₹27.67 crore has been lien-marked or frozen by various law enforcement agencies nationwide.

​The mastermind brothers behind the corporate network, Fahim Moin Hussain Sayed and Naim Moin Hussain Sayed, were arrested by the ED on August 23, 2026.