In connection with ₹ 640 crores cyber fraud, Enforcement Directorate (ED) has arrested two chartered accountants (CAs) Ajay Yadav and Vipin Yadav and cryptocurrency trader Jitendra Kaswan. The searches were conducted at 13 places in Delhi, Jodhpur, Jhunjhunu, Hyderabad, Pune and Kolkata from November 28 to November 30, and led to the arrests.
Food poisoning, the seizure of ₹47 lakh in unexplained cash, incriminating documents, cheque books, ATM cards, PAN cards, digital signatures and trust wallet secret phrases followed from the ED search operations. Besides this, ₹1.36 crore cryptocurrency (USDT) was recovered from a private wallet, and the implicated were frozen bank accounts linked to the accused.
A lot of money laundering is related to two FIRs filed by the Delhi Police’s Economic Ofenses Wing on cyber fraud, including betting and gambling, part time job scams, and phishing activities. PYYPL, a UAE-based payment platform, is believed to have received the proceeds as fraudsters siphoned off public funds by layering the money through more than 5,000 “mule” bank accounts in India, according to allegations.
ED said that the total scam garnered ₹640 crore through deceptive practices and appears to have impacted many victims. Radhe Shyam Sharma was arrested during investigation for obstructing the ED team to search the farmhouse of his brother, CA Ashok Kumar Sharma at Bijwasan, Delhi on November 28.
The case raises the issue of digital and cryptocurrency platforms’ growing use for money laundering and cyber fraud. There is no end to our suspicion over the complex financial trail and we shall bring to justice all perpetrators in the ED.
Here is this case of growing the need of strict cybercrime rules and people should be aware of such scams on modern financial systems.
