The Directorate of Enforcement (ED) has arrested Ashok Kumar Sharma and Bhaskar Yadav, two chartered accountants, in connection with a massive cyber-enabled fraud across India. The scam lured victims into transferring funds by promising investment opportunities, part-time jobs, QR code-based schemes, and phishing operations, among other digital inducements.
Scale and Modus Operandi
Investigations revealed that the fraud involved approximately Rs641 crore, initially routed through mule accounts managed by members of Telegram groups. The funds were then layered via a network of dummy and shell entities across India to obscure the source.
Proceeds were transferred using Indian bank-issued VISA and Master debit cards to the UAE-based fintech platform “PYYPL”, regulated by the Abu Dhabi Global Market (ADGM). From there, funds were withdrawn through ATMs and POS transactions in Dubai or converted into Virtual Digital Assets (VDAs) via Binance, further routed through a complex chain of custodial and non-custodial wallets.
Syndicate Structure
The syndicate consisted of well-educated professionals, including Sharma, Yadav, Ajay Yadav, and Vipin Yadav, operating 20+ shell entities from common addresses in Bijwasan, Delhi. These entities shared overlapping KYC documentation, mobile numbers, and email IDs, functioning as conduits for systematic money laundering and international fund transfers.
Arrest and Legal Proceedings
During search operations on November 28, 2024, Ashok Kumar Sharma fled from his residence and allegedly assaulted ED officials, prompting an FIR at Kapashera Police Station, New Delhi. Bhaskar Yadav also absconded upon learning about the search.
Both accused had sought anticipatory bail, which was rejected by the special court and Delhi High Court. Yadav’s Supreme Court petition (SLP) was dismissed on February 18, 2026, directing him to surrender. Both Sharma and Yadav were subsequently arrested under Section 19 of PMLA, 2002.
Investigation Status
So far, 10 individuals connected to the syndicate have been arrested. The ED has issued two Provisional Attachment Orders (PAOs), attaching movable and immovable properties worth approximately Rs8.67 crore. Two chargesheets have been filed before the special PMLA court, which has taken cognisance.
Authorities continue to investigate the full extent of the network, including offshore fund flows and remaining associates involved in this sophisticated cyber fraud scheme.
