Kochi: Two more Malayalis have been remanded in connection with the Enforcement Directorate (ED) case related to the Chinese instant loan scam. The PMLA court in Kochi approved the ED’s request for four-day custody of Sayyid Muhammed from Kozhikode and Varghese from Fort Kochi.
The ED’s preliminary findings suggest that the scam amounts to ₹1600 crore. In January, the ED had arrested four individuals from Tamil Nadu in connection with the case. Sayyid Muhammed and Varghese were involved in obtaining documents from unsuspecting individuals and using them to create bank accounts for fraudulent activities without their knowledge.
According to the ED, the four previously arrested suspects had scammed numerous people through loan apps and transferred the stolen money to Singapore, where it was invested in cryptocurrency.
