The Enforcement Directorate has uncovered a massive cyber fraud syndicate involving chartered accountants, company secretaries, and crypto traders. The operation, spanning multiple states, utilized fake websites, phishing scams, and online betting to dupe victims across India and abroad.
By PC Bureau
New Delhi
The Enforcement Directorate (ED) has recently exposed two significant cyber fraud operations involving a syndicate of highly educated professionals, including chartered accountants, company secretaries, and crypto traders. These individuals are accused of orchestrating large-scale money laundering schemes through a complex network of phishing scams, online betting, and fake services.
Operation 1: A Multi-State Fraud Network
Between November 28th and 30th, the ED arrested two chartered accountants, Ajay and Vipin Yadav, along with crypto trader Jitendra Kaswan. This syndicate utilized over 5,000 mule bank accounts across India and collaborated with international handlers to siphon off over ₹640 crore. Funds were transferred through a UAE-based payment platform, “PYYPL,” and subsequently withdrawn in cash from Dubai using Indian ATM cards.
The ED’s investigation was triggered by a raid on CA Ashok Kumar Sharma’s premises in Bijwasan, Delhi, where officials were attacked by the accused’s associates. The scam targeted vulnerable individuals across multiple states through online betting, phishing, and part-time job scams.
The agency seized incriminating evidence, including debit cards, cheque books, digital signatures, and cryptocurrency worth ₹1.36 crore. Numerous bank accounts have been frozen, and thousands of documents related to suspicious transactions are under scrutiny.
Operation 2: International Cyber Fraud Ring
In a separate case, the ED provisionally attached assets worth ₹5.23 crore linked to an international cyber fraud ring led by Kunal Gupta, owner of Met Technologies, and his associate Pawan Jaiswal. The syndicate used fake websites to deceive victims in India, the US, the UK, and Australia, inducing them to share personal banking information.
The illicit funds were laundered through investments in high-value assets, including 37 racehorses at KG Stud Farm LLP and real estate in Kolkata. The agency has previously attached properties worth ₹67.23 crore in November 2023 and ₹85 lakh in July 2024, linking Gupta and his associates to a pattern of financial deceit.
The ED’s ongoing investigations highlight the sophisticated nature of these cybercrime operations, which leverage both technological and traditional financial systems to perpetrate large-scale fraud. As the probe deepens, more arrests and asset seizures are anticipated in the coming weeks.
