New Delhi, March 5 (NationPress) The Enforcement Directorate (ED) has apprehended two chartered accountants linked to a staggering Rs 641 crore cyber fraud case. These accountants allegedly misled innocent citizens into transferring money under the guise of enticing investment opportunities and part-time job schemes, as confirmed by an official on Thursday.

The arrests of Chartered Accountant (CA) Ashok Kumar Sharma and CA Bhaskar Yadav occurred on February 28, in compliance with the Prevention of Money Laundering Act (PMLA), 2002, as part of the ongoing inquiry into this cyber fraud case, stated the central agency.

To date, a total of 10 individuals, including Sharma and Yadav, have been apprehended during the investigation.

The ED has issued two provisional attachment orders (PAOs), seizing movable and immovable assets worth approximately Rs 8.67 crore.

Additionally, two charge sheets have been submitted to the Special PMLA Court, which has acknowledged their contents.

The investigation conducted by the ED has unveiled a widespread cyber fraud scheme, wherein unsuspecting citizens from across India were duped into transferring funds, falsely believing they were investing in lucrative opportunities, part-time jobs, QR code scams, phishing schemes, and other deceptive digital tactics, according to the ED.

The cyber fraud proceeds, amounting to nearly Rs 641 crore, were initially deposited into mule accounts managed by members of specific Telegram groups. These funds were then laundered through a network of dummy entities spread across India, effectively masking the source of the money.

Subsequently, the laundered funds were transferred using VISA and Master debit cards issued by Indian banks to the UAE-based fintech platform PYYPL, which offers internationally accepted prepaid cards regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM), as per the ED's statement.

From the PYYPL wallets, the funds were either withdrawn abroad, particularly in Dubai, via ATMs and point-of-sale transactions, or converted into Virtual Digital Assets (VDAs) through the Binance cryptocurrency exchange. The money was then routed through a complex series of custodial and non-custodial wallets to obscure the financial trail and present the proceeds of crime as legitimate funds.

The investigation revealed that a sophisticated syndicate, composed of highly educated professionals, including CAs Ashok Kumar Sharma, Bhaskar Yadav, Ajay, and Vipin Yadav, orchestrated a meticulously coordinated money laundering operation, according to the ED.

This syndicate established and managed over 20 entities operating from common addresses in Bijwasan, Delhi, featuring overlapping partners and authorized signatories. They exhibited a convergence in KYC documentation, mobile numbers, and email addresses, functioning as channels for the systematic layering of illicit funds and their subsequent transfer outside India.

As part of the investigation, searches were executed at multiple locations, including the residences of Ashok Kumar Sharma and Bhaskar Yadav, on November 28, 2024, as stated by the ED.

During the search at Ashok Kumar Sharma's residence, he allegedly fled the premises and assaulted ED officials while evading lawful action, according to the statement.

An FIR has been lodged at Kapashera Police Station in New Delhi against Ashok Kumar Sharma and his brother Subhash Sharma for these unlawful actions.

Bhaskar Yadav also absconded from his home upon realizing that ED officials had arrived to conduct a search.

Incriminating materials, including ATM cards and cheque books from shell entities, were confiscated from Ashok Kumar Sharma's residence, the ED noted.

Since November 28, 2024, both Ashok Kumar Sharma and Bhaskar Yadav have been on the run, seeking anticipatory bail to avoid investigation under the PMLA, 2002. However, their applications have been repeatedly denied by both the Special Court and the Delhi High Court, given the serious nature of the allegations and the evidence on record, as well as the stringent provisions of Section 45 of the PMLA, 2002.

On February 18, 2026, Bhaskar Yadav submitted a Special Leave Petition to the Supreme Court, which was also rejected, instructing him to surrender before the appropriate court. Following their surrender, Ashok Kumar Sharma and Bhaskar Yadav were arrested under Section 19 of the PMLA, 2002, as stated by the ED.