ED Arrests Two Chartered Accountants in ₹641-Crore Cyber-Fraud Laundering Probe

The arrests followed court directions to surrender after failed bids for anticipatory bail in a probe tracking cross-border flows through fintech wallets and cryptocurrency.

Overview

Ashok Kumar Sharma and Bhaskar Yadav surrendered and were taken into ED custody on February 28, according to the agency’s statement on Thursday.
The ED says 10 people have now been arrested in the case, with two prosecution complaints filed and assets worth about ₹8.67 crore provisionally attached.
Investigators allege roughly ₹641 crore from online scams was funneled first into mule accounts run via Telegram groups, then layered through shell entities across India.
Funds were allegedly moved via Indian debit cards to UAE fintech PYYPL, withdrawn overseas—particularly in Dubai—or converted to crypto on Binance and passed through complex wallet chains.
The ED cites a structured syndicate centered on Delhi’s Bijwasan with more than 20 linked entities, and notes a separate Kapashera police case after Sharma allegedly fled and assaulted officials during November 28, 2024 searches.