Chartered Accountants Nabbed in High-Profile Cyber Fraud Bust

Two chartered accountants, Ashok Kumar Sharma and Bhaskar Yadav, were arrested for their involvement in a major cyber fraud and money laundering case. Having absconded during an Enforcement Directorate raid, they later surrendered. The fraud involved deceiving individuals for Rs 641 crore, which was laundered through complex financial networks.

Two chartered accountants, Ashok Kumar Sharma and Bhaskar Yadav, have been arrested in connection with a significant cyber fraud and money laundering case, following their surrender to a court. Both had been evading authorities after an October 2024 raid by the Enforcement Directorate (ED) unveiled their alleged crimes.

The accused were involved in a scheme that defrauded citizens nationwide, encouraging them to invest in opportunities that did not exist. The ED reports that the proceeds, totaling Rs 641 crore, were funneled through multiple accounts and shell entities before being transferred to international platforms, including a UAE-based fintech company.

This arrest marks a notable development in the investigation, with ten individuals now in custody. The ED has filed chargesheets and seized assets worth Rs 8.67 crore, uncovering a sophisticated laundering network involving both technology and international financial systems.

(With inputs from agencies.)