The Directorate of Enforcement (ED), Headquarters Unit, New Delhi, on March 5, 2026 has arrested Chartered Accountants Ashok Kumar Sharma and Bhaskar Yadav on 28th February 2026 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with a large-scale cyber fraud and money laundering investigation.
The investigation has revealed a widespread cyber-enabled fraud in which unsuspecting citizens across the country were induced to transfer money through fraudulent investment schemes, part-time job offers, QR code-based scams, phishing operations, and other digital fraud methods. The proceeds of crime amounting to approximately ₹641 crore were initially routed through mule accounts operated by members of various Telegram groups. These funds were subsequently layered through a network of shell and dummy entities to conceal the origin of the illicit proceeds.
According to the ED investigation, the laundered funds were transferred through Indian bank-issued VISA and MasterCard debit cards to a UAE-based fintech platform, PYYPL, which provides internationally usable prepaid cards regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority. The funds were then withdrawn overseas, particularly in Dubai, through ATM and point-of-sale transactions, or converted into virtual digital assets through cryptocurrency exchange platforms to further obscure the money trail.
The investigation has further uncovered the involvement of a structured syndicate comprising well-educated professionals, including Chartered Accountants Ashok Kumar Sharma, Bhaskar Yadav, Ajay, and Vipin Yadav. The group allegedly incorporated and controlled more than 20 entities operating from common addresses in Bijwasan, Delhi. These entities had overlapping partners and authorized signatories and shared common KYC documents, mobile numbers, and email IDs. The entities functioned as conduits for systematic layering of illicit funds and their transfer outside India.
Search operations conducted on 28 November 2024 at various locations, including the residences of Ashok Kumar Sharma and Bhaskar Yadav, led to the recovery of incriminating documents such as ATM cards and cheque books linked to shell entities. During the search at Sharma’s residence, he allegedly fled the premises and assaulted ED officials while evading lawful action, following which an FIR was registered at Kapashera Police Station in New Delhi against him and his brother Subhash Sharma. Bhaskar Yadav also absconded upon learning about the search operation.
Both accused remained absconding since 28 November 2024 and sought anticipatory bail to evade investigation. However, their bail applications were dismissed by the Special Court on 15 January 2025 and subsequently by the Delhi High Court on 2 February 2026, considering the gravity of the allegations and the provisions of Section 45 of the PMLA. A Special Leave Petition filed by Bhaskar Yadav before the Supreme Court was also dismissed on 18 February 2026 with directions to surrender before the concerned court. Following their surrender, both accused were arrested under Section 19 of the PMLA, 2002.
So far, the ED has arrested a total of 10 individuals in the case, including the two Chartered Accountants. Two Provisional Attachment Orders have been issued attaching movable and immovable properties valued at approximately ₹8.67 crore. Additionally, two Prosecution Complaints have been filed before the Special PMLA Court, which has taken cognizance of the same.
Further investigation in the matter is underway.
The Press Release can be accessed at: https://www.enforcementdirectorate.gov.in/media/press-release-documents/5b4e9432-6a23-4a25-91a0-cc974c65624a_Press%20Release_Part%20Time%20Job%20Scam_5%2003%202026%203.pdf
