In short: Two chartered accountants and a cryptocurrency trader have been arrested in a money laundering investigation linked to a cyber fraud case of Rs 640 crore. The ED conducted searches at 13 premises in Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata between Nov 28 and 30 and seized Rs 47.0 lakh “unexplained” cash and Rs 1.3 crore worth of cryptocurrencies. The money was allegedly stolen by layering funds cheated from them through over 5,000 “mule” Indian bank accounts and uploaded on PYYPL, a UAE-based payment platform. Part of the “cyber fraud money” was withdrawn in cash in Dubai through debit and credit cards issued by various Indian banks. The ED said a large-scale money-laundering racket operated with the assistance of handlers sitting abroad through a closely held chat group on instant messaging apps.
Two chartered accountants and a cryptocurrency trader have been arrested in a money laundering investigation linked to a cyber fraud case of Rs 640 crore, according to the Enforcement Directorate. The investigation was conducted at 13 premises in Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata between November 28 and 30.
The ED had conducted searches at 13 premises and seized Rs 47 lakh “unexplained” cash and Rs 1.3 crore worth of cryptocurrencies. The money laundering probe stems from two FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police, which were registered to probe charges of cyber fraud generated through betting, gambling, part-time jobs, and phishing scams.
The money of gullible people was “siphoned off” by layering funds cheated from them through more than 5,000 “mule” Indian bank accounts and subsequently uploaded on PYYPL, a UAE-based payment platform. Part of the “cyber fraud money” was withdrawn in cash in Dubai through debit and credit cards issued by various Indian banks. The alleged scam was run through a “nexus” of certain CAs, company secretaries, and crypto traders who worked in tandem to launder the money.
More than 2,000 documents showing debit and credit transactions in hundreds of bank accounts and purchase of cryptocurrencies have been recovered and are being analyzed. A fourth person, Radhe Shyam Sharma, brother of “main accused” CA Ashok Kumar Sharma, was taken into custody by the police for “attacking and restricting with force” the ED team from entering the premises.
