ED Arrests Two Chartered Accountants, Crypto Trader in ₹640-Crore Cyber Fraud Case, Search Ops Held at 13 Locations Including Pune
ED Arrests Two Chartered Accountants, Crypto Trader in ₹640-Crore Cyber Fraud Case, Search Ops Held at 13 Locations Including Pune
New Delhi, December 6: The Enforcement Directorate (ED) has apprehended two chartered accountants and a cryptocurrency trader in connection with a ₹640-crore money laundering case rooted in cyber fraud. 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.
Raids across Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata between November 28 and 30 yielded ₹47 lakh in unexplained cash and ₹1.3 crore in cryptocurrencies. The operation unearthed a “nexus” of professionals, including chartered accountants and crypto traders, orchestrating the laundering.
Three key suspects—CAs Ajay Yadav and Vipin Yadav, and crypto trader Jitendra Kaswan—were arrested. Additionally, Radhe Shyam Sharma, brother of absconding CA Ashok Kumar Sharma, was detained for obstructing the ED team during a raid.
The investigation revealed instructions for creating mule accounts and cash circulation were coordinated via encrypted messaging groups operated by handlers abroad. Thousands of documents detailing transactions and crypto activities are under scrutiny.
The ED continues to probe the case, which highlights the growing sophistication of cyber fraud and money laundering networks.
