Indian AML watchdog ED Conducted Search Actions on 12 Entities Involved in Part Time Job Fraud Case. In accordance with section 17 of the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has carried out search operations on the 12 organisations implicated in the Part Time Job Fraud Case situated in Bengaluru and has so far confiscated Rs. 5.85 Crore.
Based on an FIR filed on the subject of part-time employment fraud at the South CEN Police Station in Bengaluru City, the ED opened a money laundering probe.
Who is Enforcement Directorate?
The Enforcement Directorate is regarded as the law enforcement agency and also it is an intelligence agency that is wholly liable for taking the financial as well as the economic crime that took place in India.
Understanding the Fraud Case
A PMLA investigation found that certain Chinese people had defrauded the trusting public, primarily young people, via the smartphone app “Keepsharer,” which claimed to provide them with part-time work in exchange for money. These Chinese individuals established businesses in India and hired a large number of Indians to work as directors, translators (translating from Mandarin to English and vice versa), HR Managers, and Tele-callers.
Investigating the Fraud case
They got Indian citizens’ papers and used them to create bank accounts. The Chinese suspects created the “Keepsharer” smartphone application and then advertised it by giving young people part-time jobs over Telegram and WhatsApp. This app was connected to a financial app. Youths were asked to donate money in exchange for registration on this app.
Through this app, they also took money from the general public under the pretence of investments. The young people were tasked with enjoying celebrity videos and sharing them on social media. They paid Rs. 20 for each video after the assignment was finished, and that amount was credited to their “Keepsharer” wallet.
Money was credited to their wallet for a while before the app was eventually deleted from the Play Store. As a result, the public was duped into investing money and agreeing to pay millions of dollars in compensation.
The Aftermath of the Fraud Case
The money obtained through the fraud was moved from the bank accounts of a few businesses with offices in Bengaluru, converted to cryptocurrency, and then sent to cryptocurrency exchanges in China.
Chinese people managed all the transactions using WhatsApp groups and phone calls. Six of the 92 accused, who was in command of the entire scheme, are Chinese and Taiwanese citizens, according to the police’s charge sheet. The issue is currently the subject of more investigation.
