India, Aug. 24 -- A money laundering probe into a Rs.2.60-crore "digital arrest" scam has led the Enforcement Directorate to a network allegedly linked to 493 cyber fraud cases/complaints across India involving reported losses of Rs.417.49 crore. The agency has arrested two members of the network, which it says converted cybercrime proceeds into cash and foreign currency through RBI-licensed money changers.

The arrested accused, Fahim Sayed and Naim Sayyed, were produced before a Mumbai court for transit remand and taken to Goa, ED officials said. The two arrested accused were allegedly linked to the multiple shell firms and accounts, which were used to divert the defrauded funds, officials said while referring to the trail's probe.

The...