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ED arrests two chartered accountants in Rs.641 Cr cyber fraud case
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The Enforcement Directorate (ED) has arrested two chartered accountants, Ashok Kumar Sharma and Bhaskar Yadav, in connection with a Rs. 641 crore cyber fraud and money laundering case. The arrests were made under the Prevention of Money Laundering Act (PMLA).
The ED said the investigation revealed that victims across the country were duped through various cyber scams, including fake investment opportunities, part-time job offers, QR code-based frauds, and phishing schemes. The proceeds of these activities are estimated to be around Rs.641 crore.
The ED said the fraud proceeds were initially deposited into mule accounts operated by members of certain Telegram groups. The money was subsequently routed through multiple dummy and shell companies in India to conceal its origin.
Investigators found that the funds were then transferred using Indian bank VISA and Mastercard debit cards to prepaid cards of the UAE-based fintech platform PYIPL. These cards were allegedly used to withdraw cash abroad, primarily in Dubai, through ATM and point-of-sale (POS) transactions.
A portion of the funds was also converted into virtual digital assets (VDAs) through the Binance crypto exchange and moved through a complex chain of wallets to obscure the money trail.
The ED said the investigation revealed that victims across the country were duped through various cyber scams, including fake investment opportunities, part-time job offers, QR code-based frauds, and phishing schemes. The proceeds of these activities are estimated to be around Rs.641 crore.
The ED said the fraud proceeds were initially deposited into mule accounts operated by members of certain Telegram groups. The money was subsequently routed through multiple dummy and shell companies in India to conceal its origin.
Investigators found that the funds were then transferred using Indian bank VISA and Mastercard debit cards to prepaid cards of the UAE-based fintech platform PYIPL. These cards were allegedly used to withdraw cash abroad, primarily in Dubai, through ATM and point-of-sale (POS) transactions.
A portion of the funds was also converted into virtual digital assets (VDAs) through the Binance crypto exchange and moved through a complex chain of wallets to obscure the money trail.
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