Two chartered accountants have been arrested by the Enforcement Directorate for their alleged involvement in a massive Rs 641 crore money laundering scheme linked to cyber fraud, highlighting the ED's crackdown on financial crimes.
Key Points
- Two chartered accountants, Ashok Kumar Sharma and Bhaskar Yadav, have been arrested in connection with a money laundering case.
- The money laundering case is linked to a cyber fraud where individuals were defrauded of Rs 641 crore through investment schemes and phishing.
- The ED alleges the laundered funds were transferred to the UAE-based fintech platform PYYPL and converted into cryptocurrency via Binance.
- Sharma allegedly assaulted ED officials during a raid in 2024 and fled the premises.
- The ED has arrested a total of 10 people in this probe and attached assets worth Rs 8.67 crore.
Two chartered accountants (CAs), including one who is alleged to have assaulted ED officials during a raid here in 2024, have been arrested by the federal probe agency after they surrendered before a court.
Ashok Kumar Sharma and Bhaskar Yadav were taken into custody on February 28, the Enforcement Directorate said in a statement on Thursday.
The two were "absconding" in a money laundering case linked to an alleged cyber fraud.
The alleged fraud was perpetrated against innocent people across the country who were induced to transfer funds on the pretext of investment opportunities, part-time job schemes, QR code-based scams and phishing operations.
The ED had raided the premises of Sharma in Bijwasan area of Delhi apart from that of Yadav on November 28, 2024. During the raid, Sharma fled from the premises after allegedly assaulting ED officials, the agency said.
The ED had registered an assault case with the local police station at Kapashera.
Yadav too "absconded" from his residence after he learnt that ED officials had reached his premises to conduct a search, the agency said.
The anticipatory bail pleas of the two were rejected by a special Prevention of Money Laundering Act (PMLA) court and the Delhi High Court.
The Supreme Court, on February 18, dismissed a special leave petition filed by Yadav and directed him to surrender before the concerned court.
The ED said it arrested the two after they surrendered.
Details of the Money Laundering Scheme
The agency has quantified the alleged proceeds of crime in this case at Rs 641 crore.
These funds were initially credited into mule accounts managed and operated by members of certain Telegram groups and thereafter "layered" through a web of dummy/shell entities across India.
"The laundered amounts were subsequently transferred using Indian bank-issued VISA and Master debit cards to the UAE-based fintech platform PYYPL, which provides internationally usable prepaid cards regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority," the ED said.
The funds were either withdrawn overseas, particularly in Dubai through ATMs and PoS transactions, or converted into crypto currency via the Binance crypto exchange and routed through a complex chain of custodial and non-custodial wallets, it claimed.
The ED alleged that Sharma and Yadav apart from some others were operating a "coordinated" money laundering scheme.
The agency, with these arrests, has taken a total of 10 persons in custody as part of this probe, filed two chargesheets and attached assets worth Rs 8.67 crore.
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