The Enforcement Directorate (ED) has arrested two chartered accountants in connection with a massive ₹641 crore cyber fraud and money laundering case that allegedly targeted victims across India through multiple online scams.
The accused, Ashok Kumar Sharma and Bhaskar Yadav, were arrested on Feb. 28, 2026, under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the agency, the duo was part of an organized network that allegedly helped move and conceal proceeds generated from fraudulent activities such as fake investment schemes, part-time job scams, QR code fraud and phishing operations targeting unsuspecting citizens.
Investigators said the fraud proceeds were initially deposited into mule bank accounts operated by members of certain Telegram groups. The funds were then layered through a network of dummy and shell companies across India to conceal their origin.
The ED said the money was further transferred using Indian bank-issued Visa and Mastercard debit cards to prepaid cards linked to the UAE-based fintech platform PYYPL. From there, the funds were withdrawn overseas, particularly in Dubai, through ATM withdrawals and point-of-sale transactions.
In several instances, investigators found that a portion of the funds was converted into virtual digital assets through the cryptocurrency exchange Binance and routed across multiple crypto wallets in an attempt to obscure the financial trail.
The probe also uncovered a coordinated syndicate involving several educated professionals.
According to the ED, Sharma, Yadav and their associates allegedly controlled more than 20 companies operating from the Bijwasan area of Delhi. Many of these companies reportedly had overlapping partners, authorized signatories, KYC documents, mobile numbers and email IDs.
Investigators believe these entities were used to layer and transfer illicit funds overseas.
Earlier search operations conducted on Nov. 28, 2024, revealed attempts by the accused to evade authorities.
The ED said Sharma allegedly fled after assaulting officers during the raid, leading to the registration of a case at Kapashera police station. Yadav also went into hiding after learning about the searches.
Their anticipatory bail pleas were rejected by a special PMLA court, the Delhi High Court and later the Supreme Court. Both eventually surrendered before the court, after which the ED arrested them.
So far, the agency has arrested 10 individuals, filed two chargesheets, and attached assets worth ₹8.67 crore in the case.
What Was the Alleged Scam?
According to investigators, a large cyber-enabled financial fraud network was operating across the country.
Victims were allegedly lured through fake investment opportunities, job scams and phishing schemes. The fraud money was then routed through mule bank accounts, shell companies, international fintech platforms and cryptocurrency wallets to disguise its source and move the funds abroad.
How Can You Protect Yourself From Such Scams?
- Cyber fraud cases are rising rapidly, but a few precautions can help reduce the risk of falling victim.
- Do not trust investment schemes promising unusually high or guaranteed returns.
- Avoid scanning QR codes sent by unknown individuals.
- Never share bank details, OTPs or passwords online.
- Verify job offers before paying any registration or processing fee.
- Check the authenticity of financial apps, websites or links before transferring money.
Staying alert and verifying information before making payments can help prevent significant financial losses.
