Jalandhar: The Directorate of Enforcement (ED), Jalandhar Zonal Office, has arrested Sohel Akthar alias Raju from Kolkata in connection with a money laundering case linked to the alleged digital arrest of industrialist S.P. Oswal, the agency said on Thursday.

The arrest was made on September 28 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, following search operations at three locations in West Bengal.

The Chief Judicial Magistrate, Calcutta, granted transit remand to Akthar for his production before the Special PMLA Court in Jalandhar. The Additional District and Sessions Judge, Jalandhar, subsequently remanded him to ED custody for seven days, till October 6.

Fraudsters Allegedly Extorted Rs 7 Crore From Oswal

According to the ED, its investigation was initiated on the basis of an FIR registered by the Cyber Crime Police Station, Ludhiana, under the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023. Nine additional FIRs related to digital arrest cybercrimes involving the same group were also included in the investigation.

The ED said fraudsters impersonating officers of the Central Bureau of Investigation and the judiciary allegedly extorted Rs 7 crore from S.P. Oswal during the digital arrest.

The proceeds of crime were initially credited into bank accounts of M/s Rigglo Ventures Private Limited and M/s Frozenman Warehousing & Logistics, the agency said.

ED Traces Mule Bank Accounts, Crypto Payments

According to the investigation, the bank accounts of M/s Frozenman Warehousing & Logistics were controlled by accused Rumi Kalita of Guwahati and Arpit Rathore of Kanpur.

An APK application named ‘AMMFORWARD’ was allegedly used for speedy routing of the proceeds of crime. The ED said Rathore had provided mule bank accounts to individuals based in Cambodia, Vietnam and other locations and received commissions in the form of virtual digital assets in his Binance account.

Rumi Kalita and Arpit Rathore were arrested on December 23 and December 31, 2025, respectively.

The ED said further investigation revealed that the bank accounts of M/s Rigglo Ventures Private Limited were controlled and operated by Sohel Akthar, whom it identified as a principal handler involved in recruiting individuals to arrange mule bank accounts of people and entities.

Mobile Phones Allegedly Used To Route Cybercrime Proceeds

The agency said mobile phones containing pre-downloaded APK files were used with SIM cards linked to bank accounts of M/s Rigglo Ventures Private Limited and other entities.

According to the ED, the APK files were activated on these devices, enabling Nepal-based associates to access OTPs and SMS messages on their respective devices. The arrangement allegedly facilitated the rapid routing of proceeds of crime through the bank accounts.

The ED said Akthar had provided various mule bank accounts to foreign-based individuals and received commissions in the form of virtual digital assets in his Binance account or those of his associates.

Proceeds Allegedly Layered Through Shell Entities

The ED said the proceeds of crime were subsequently transferred through multiple mule bank accounts in a systematic manner to divert and conceal the proceeds of cybercrime.

The agency alleged that downstream accounts were used for other cybercrimes and accommodation entries. Proceeds running into multiple crores and linked to various crimes were allegedly further layered through shell entities and remitted outside India using trade-based money laundering mechanisms.

The investigation is continuing, the ED said.