Two CAs & Rs 640 Crore Crypto Fraud

On December 4, 2024, India's Enforcement Directorate (ED) arrested two chartered accountants for allegedly scamming individuals through betting, gambling, part-time jobs, and phishing schemes. Scammers got ₹640 crore from their illegal activities.

How did Enforcement Directorate get to know this?

The ED began an investigation after receiving two FIRs from the Economic Offences Wing of the Delhi Police, alleging cyber theft of ₹640 crore.

ED Investigation Revealed

According to the ED, the alleged scam was being run through a “nexus” of certain CAs, company secretaries, and crypto traders who worked in tandem to launder the proceeds of crime.

The chartered accountants have been named Ajay Yadav and Vipin Yadav, with Jitendra Kaswan being the third accused.

Over 5,000 fake Indian bank accounts were used to transfer payments to PYYPL, a payment platform in the UAE. Some of the “cyber fraud money” was withdrawn in cash in Dubai using debit and credit cards issued by several Indian banks.

According to the agency, more than 2,000 documents show debit and credit transactions in hundreds of bank accounts, as well as cryptocurrency purchases, chequebooks, ATM cards, PAN cards, digital signatures, and Trust secret words used to open covert cryptocurrency wallets.

The two CAs and bitcoin trader Jitendra Kaswan were caught during searches of 13 locations in Delhi, Jodhpur, Jhunjhunu, and Hyderabad,

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