MUMBAI, Aug. 25 -- 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, agency sources said. 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. The investigation began with an FIR registered by the Goa (North) police cybercrime police station on June 9, 2025. The case relates to a Goa resident who was allegedly subjected to a "digital arrest" scam and forced to transfer Rs.2.60 crore between May 21 and June 2, 2025. The money was transferred to accounts described to her as "secret supervision accounts", according to the agency officials. The arrested accused were allegedly the main conspirators in the case related to the Goa victim and the defrauded funds had reached them, sources familiar with the case claimed. The accused however denied the allegations. A Goa court on Monday remanded the duo in ED's custody for five days. The agency said its investigation found that the money was quickly moved through a network of bank accounts before allegedly being converted into cash and foreign currency through companies licensed by the RBI as FFMC. Sources said the money was first routed through dormant or newly opened accounts and then spread across more than 400 accounts linked to entities involved in commodities, trading, travel and foreign exchange. The accounts linked to the network are allegedly connected to 330 cyber fraud complaints and 163 FIRs registered across 20 states and UTs. The reported losses in these cases total Rs.417.49 crore. In 101 of those complaints, the agency found that a single victim's money was allegedly routed through two or more entities in the network. The network allegedly carried out transactions worth more than Rs.27,850 crore and deposited around Rs.2,904 crore in cash. Of this, Rs.584.70 crore was deposited at Bulk Note Acceptance Machines. The agency searched 20 premises in Mumbai and Goa on July 17 and on August 21. It seized Rs.3.25 crore in cash, along with digital devices, records and statutory registers....