The Enforcement Directorate (ED) has arrested two chartered accountants — Ashok Kumar Sharma and Bhaskar Yadav — in connection with a large cyber fraud and money laundering investigation involving nearly ₹641 crore.
According to an official statement issued on March 5, 2026, the arrests were carried out by the ED’s Headquarters Unit in New Delhi on February 28, 2026 under provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
Large Cyber Fraud Network Uncovered
Investigations by the ED revealed a massive cyber-enabled fraud targeting innocent citizens across India. Victims were allegedly lured into transferring money through fraudulent schemes such as fake investment opportunities, part-time job offers, QR code scams and phishing operations.
The illegally obtained funds — estimated at around ₹641 crore — were first routed into mule bank accounts managed by members of certain Telegram groups. The money was then layered through a network of shell and dummy entities operating across India to conceal the origin of the funds.
Funds Routed Abroad and Converted into Crypto
Investigators found that the laundered money was transferred through debit cards issued by Indian banks to a UAE-based fintech platform called PYYPL. This platform provides internationally usable prepaid cards regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority.
From these digital wallets, funds were reportedly withdrawn overseas — particularly in Dubai — using ATMs and POS machines. In some cases, the money was converted into virtual digital assets through the cryptocurrency exchange Binance and routed through multiple crypto wallets to obscure the financial trail.
Syndicate of Professionals Running the Operation
The ED investigation suggests that a structured syndicate of educated professionals operated the laundering network. Apart from Sharma and Yadav, individuals identified as Ajay and Vipin Yadav were also allegedly involved.
Authorities said the group incorporated and controlled more than 20 entities operating from common addresses in Bijwasan, Delhi. These firms had overlapping partners, authorised signatories, mobile numbers and email IDs — indicating coordinated control. The entities were allegedly used as conduits to layer illicit funds and move them outside India.
Earlier Search Operations and FIR
The ED had conducted search operations at several locations on November 28, 2024, including the residences of the accused. During the search at Sharma’s residence, officials alleged that he fled the premises and assaulted ED officers while attempting to evade action.
