Crypto Traders Fraud: ED busts Delhi-NCR cyber fraud syndicate involving CAs and crypto traders

A sophisticated financial crime ring involving chartered accountants, a company secretary, and a cryptocurrency trader has been uncovered by the Enforcement Directorate (ED). The group allegedly defrauded victims of over ₹640 crore through various online scams, TOI reported.

Two chartered accountants, Ajay and Vipin Yadav, and crypto trader Jitendra Kaswan were arrested between November 28th and 30th following search operations in Delhi-NCR. The ED’s investigation revealed a large money laundering operation involving international handlers and coordinated through encrypted messaging apps.

The syndicate allegedly operated across multiple states, using online betting, gambling, fake part-time job offers, and phishing scams to collect funds. The money was then layered through over 5,000 “mule” bank accounts in India before being transferred to a UAE-based payment platform called “PYYPL.” Some of the funds were subsequently withdrawn as cash in Dubai using Indian bank cards.

During a raid at the premises of chartered accountant Ashok Kumar Sharma in Bijwasan, Delhi, associates of the accused attacked ED officials, injuring one. CRPF and Delhi Police personnel intervened to protect the remaining officials. Sharma is currently absconding, but his brother, Radhe Shyam Sharma, has been arrested by Delhi Police for the attack.

The ED conducted searches at 13 locations across Delhi, Gurgaon, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata.

Authorities seized hundreds of debit cards, cheque books, ATM cards, PAN cards, digital signatures, trust wallet secret phrases, ₹47 lakh in cash, and cryptocurrency (USDT) worth ₹1.36 crore from a private wallet. Several bank accounts have also been frozen.The ED stated on Wednesday: “Instructions regarding opening of mule accounts, cash circulation and purchase of crypto were provided on a group messaging account by the handlers. More than 2,000 documents detailing debit/credit transactions in hundreds of bank accounts and purchase of cryptocurrency have been recovered and are being analysed.”(With inputs from TOI)