As a seasoned financial analyst with years of experience under my belt, this latest development in India’s cyber fraud case is a stark reminder of the ever-evolving landscape of financial crimes. The involvement of chartered accountants and a cryptocurrency trader in a scheme amounting to ₹640 crore is not only alarming but also indicative of the growing sophistication of such activities.
A pair of certified accountants and an individual specializing in cryptocurrency trading have been taken into custody by the Enforcement Directorate (ED), a prominent financial crime investigation body in India, over accusations of their involvement in a substantial cyber fraud case worth approximately 640 billion Indian rupees. Reports indicate that this scheme was purportedly orchestrated through speculation, temporary work positions, and phishing scams.
The officials from the Enforcement Directorate stated that among those apprehended are Chartered Accountants Ajay Yadav and Vipin Yadav, along with cryptocurrency dealer Jitendra Kaswan. These individuals were detained as part of the ongoing probe.
In the course of the investigation, ED agents uncovered 47 million Indian rupees in hidden cash, along with numerous incriminating documents, checkbooks, ATM cards, PAN Cards, digital signatures, and trust wallets. Additionally, as reported by The Hindu newspaper, approximately 13.6 crore cryptocurrency (USDT) was seized from the personal wallets of a crypto trader under investigation. Furthermore, several bank accounts linked to the accused individuals have been frozen.
An investigation into money laundering was initiated following two reports made to the Economic Offences Wing (EOW) of the Delhi Police. According to the Enforcement Directorate, large amounts of public funds were illegally transferred and hidden by routing scammed funds through over 5,000 Indian bank accounts acting as “mules.” These transactions were subsequently uploaded onto the UAE-based payment platform PYYPL.
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2024-12-07 16:36