The Directorate of Enforcement (ED) has arrested two chartered accountants, Ashok Kumar Sharma and Bhaskar Yadav, in connection with a massive ₹641 crore cyber-enabled financial fraud and money laundering case. The arrests were made on February 28, 2026, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, after the accused surrendered before the court following the Supreme Court’s direction.
According to the ED investigation, the case involves a nationwide cyber fraud network that allegedly targeted thousands of innocent citizens across India through multiple online scams. Victims were reportedly lured into transferring money through fake investment schemes, fraudulent part-time job offers, phishing operations, and QR code-based scams, resulting in financial losses amounting to approximately ₹641 crore.
Key Accused in the Case
The investigation has identified several individuals involved in the cyber fraud and money laundering network, including:
Ashok Kumar Sharma – Chartered Accountant (Arrested)
Bhaskar Yadav – Chartered Accountant (Arrested)
Ajay Yadav – Alleged associate in the syndicate
Vipin Yadav – Alleged associate in the financial network
Subhash Sharma – Brother of Ashok Kumar Sharma, named in a related FIR for obstructing officials
Authorities stated that the accused were part of a structured financial syndicate comprising educated professionals, including chartered accountants, who allegedly used their financial expertise to facilitate large-scale laundering of illegally obtained funds.
Modus Operandi of the Fraud Network
Investigators revealed that the fraud followed a multi-layered financial laundering mechanism designed to conceal the origin of illicit funds.
Initially, victims were persuaded through online platforms and social media to transfer money under the pretext of lucrative investment opportunities and job offers. The funds collected from victims were then deposited into mule bank accounts, many of which were operated through organised Telegram groups.
Subsequently, the money was routed through a network of more than 20 shell and dummy companies, many of which were operating from common addresses in Bijwasan, Delhi. These entities reportedly had overlapping partners, similar KYC details, and shared communication channels, suggesting coordinated financial operations.
The investigation further revealed that the laundered funds were transferred internationally using Indian debit cards linked to a UAE-based fintech platform called PYYPL. From there, the money was either withdrawn overseas particularly in Dubai or converted into cryptocurrency through global exchanges such as Binance, making the financial trail more difficult to trace.
Previous Searches and Legal Proceedings
The ED had earlier conducted search operations on November 28, 2024, at multiple locations linked to the accused. During the search at Ashok Kumar Sharma’s residence, he allegedly fled the premises and attempted to evade authorities, leading to the registration of an FIR at Kapashera Police Station in New Delhi against him and his brother Subhash Sharma.
Investigators recovered several incriminating documents, ATM cards, and cheque books linked to shell companies during the raids.
Both Sharma and Yadav remained absconding for a prolonged period after the searches and repeatedly attempted to obtain anticipatory bail. However, their bail applications were rejected by the Special PMLA Court and later by the Delhi High Court due to the seriousness of the allegations.
Subsequently, Bhaskar Yadav approached the Supreme Court, but his Special Leave Petition was dismissed on February 18, 2026, with the court directing him to surrender before the concerned court, after which both accused were taken into custody by the ED.
Status of the Investigation
So far, the ED has arrested 10 individuals in connection with the case. The agency has also issued two provisional attachment orders, attaching movable and immovable assets worth approximately ₹8.67 crore believed to be linked to the proceeds of crime.
Officials have indicated that the investigation is ongoing and that further arrests and financial attachments may follow as the agency continues to track the money trail and identify additional beneficiaries of the fraud network.
