The Enforcement Directorate (ED) has arrested two chartered accountants (CAs) and a cryptocurrency trader linked to a Rs.640 crore money laundering conspiracy involving a cyber fraud case. The ED probe has found a well-coordinated criminal network that uses finance and technology to commit cyber fraud and launder illicit funds.
The Enforcement Directorate (ED) has held two chartered accountants (CAs) and a cryptocurrency trader linked to a Rs.640 crore money laundering conspiracy involving a cyber fraud case.
The ED initiated the investigation on the basis of two FIRs registered by the Central Bureau of InvestigationI, Economic Offences Wing, Delhi.
The case involves scams through betting, gambling, and phishing activities, with funds allegedly funneled via over 5,000 mule accounts and a UAE-based payment platform, PYYPL.
The ED raided 13 locations, including Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata between November 28 and 30 under the provisions of Prevention of Money- laundering Act (PMLA), 2002. The search led to the recovery of Rs 47 lakh in unexplained cash and cryptocurrencies totalling Rs 1.36 crore.
The ED’s investigation has found a well-coordinated criminal network that uses finance and technology to commit cyber fraud and launder illicit funds.
The ED probe revealed a nexus of CAs, company secretaries (CS), and crypto traders who are working together in a systematic manner to orchestrate the laundering.
Three key suspects—CAs Ajay Yadav and Vipin Yadav, and crypto trader Jitendra Kaswan—were arrested under the provisions of the PMLA. Additionally, Radhe Shyam Sharma, brother of absconding CA Ashok Kumar Sharma, was detained for obstructing and physically assaulting the ED team during a raid. The probe yielded vital evidence, such as incriminating documents, checkbooks, ATM cards, PAN cards, digital signatures, and trust phrases needed to operate covert cryptocurrency wallets. Thousands of documents detailing transactions and crypto activities are under scrutiny.
The ED continues to investigate the case, which highlights the growing sophistication of cyber fraud and money laundering networks.
The Institute of Chartered Accountants of India (ICAI) has yet to officially react to the arrests and involvement of CAs in the complex cybercrime.
