A big cyber fraud and money laundering network that was cheating people in the name of investment and online jobs across the country has been exposed. Taking action in this case, ED arrested two chartered accountants Ashok Kumar Sharma and Bhaskar Yadav under PMLA on 28 February 2026. ED investigation has revealed that about Rs 641 crore was defrauded through this entire network and then this money was diverted in various ways and sent abroad.
People across the country were implicated in different ways
According to the investigating agency, people from across the country were implicated in different ways. Fraudsters used to force people to transfer money by sending promising investment opportunities, part-time jobs, QR code scams and phishing links.
When people used to send money, this amount was first deposited in throw accounts i.e. bank accounts which were opened in the name of other people. These accounts were operated by people associated with some Telegram groups.
ED investigation revealed that the fraudulent money was later diverted through various dummy and shell companies so that the real source of the money could be hidden.
Register 20 companies at one address
This syndicate had set up more than 20 companies from a single address in Bijwasan area of Delhi. Many similarities were also found in the partners, mobile numbers, email IDs and KYC documents of these companies. The investigating agency says that these companies were only being used to launder illegal money and send it abroad. The investigation also revealed that through these companies, the money was further transferred to the prepaid wallet of UAE fintech company PYYPL through VISA and Master cards of Indian banks.
Cash was withdrawn from ATM and POS machines in Dubai
After this, this money was withdrawn from ATM and POS machines in Dubai or it was converted into virtual digital asset i.e. crypto through cryptocurrency exchange Binance. The real trail of money was hidden by creating multiple layers of crypto wallets so that this amount looked like legitimate property. According to ED, this entire network was being run by some educated professionals, which include chartered accountants Ashok Kumar Sharma, Bhaskar Yadav, Ajay and Vipin Yadav.
In the year 2024, ED had raided many places.
These people used to form companies together and through them they used to transfer the defrauded money to different places and commit money laundering. During the investigation of this case, on 28 November 2024, ED had raided many places. At that time, when the team reached Ashok Kumar Sharma’s house, he ran away from there and it is alleged that while running away, he also scuffled with ED officers.
After this incident, an FIR was registered against Ashok Kumar Sharma and his brother Subhash Sharma at Kapashera police station in Delhi. Similarly, Bhaskar Yadav had also fled from his house as soon as he got the news of the ED raid. Both the accused had applied for anticipatory bail in the courts to avoid arrest, but first the Special Court and later the Delhi High Court rejected their petition.
ED arrested both the accused after surrender
After this, Bhaskar Yadav also filed a petition in the Supreme Court, which was rejected on 18 February 2026 and the court ordered him to surrender. Finally, after surrendering in the court, ED arrested both of them.
A total of 10 people have been arrested so far in this case. While issuing two provisional attachment orders, ED has also attached movable and immovable properties worth about Rs 8.67 crore. Besides, the agency has also filed two charge sheets in this case in the special PMLA court, on which the court has taken cognizance. According to ED, the investigation of this entire cyber fraud and money laundering network is still going on and there may be more big revelations in this matter in the coming time.