Panaji, Aug. 24 -- The Enforcement Directorate (ED) on Sunday arrested two alleged cyber-fraudsters in Mumbai, who are suspected to be masterminds in an elaborate "interconnected network of commodity, trading, travel and forex entities" that have together cheated more than 330 victims and are accused in 163 first information reports (FIRs) registered across the country involving fraudulent banking transactions exceeding Rs.27,850 crore.

The accused, identified as Fahim Sayed and Naim Sayyed, were arrested on Sunday, by the ED's Panaji zonal office in connection with a case where a woman victim from Goa alleged that she was coerced by "digital arrest" into transferring Rs.2,60 crore between May 21, 2025, and June 06, 2026, into accounts f...