Cracking Down on the Rs 640 Crore Crypto Money Laundering Scam

Two chartered accountants and a cryptocurrency trader have been arrested in connection with a Rs 640 crore money laundering case linked to cyber fraud. The Enforcement Directorate (ED) investigation uncovered illegal activities involving mule accounts and cryptocurrencies. The probe continues to reveal more about the large-scale operation.

In a significant development, the Enforcement Directorate (ED) has apprehended two chartered accountants and a cryptocurrency trader in a high-profile money laundering case valued at Rs 640 crore. This crackdown is connected to a cyber fraud investigation led by the Economic Offences Wing (EOW) of the Delhi Police, involving extensive gambling, betting, and phishing schemes.

A fourth individual, Radhe Shyam Sharma, brother of an absconding CA, was also detained by police for allegedly obstructing the ED team during their search operation in southwest Delhi. The federal agency's recent raids across multiple cities seized unexplained cash and cryptocurrency assets, shedding more light on the elaborate racket.

The ongoing probe has revealed intricate layers of financial deception, utilizing over 5,000 mule bank accounts to disguise illegal funds and funnel them through a UAE-based payment platform. The operation was fortified by a nexus of professionals using instant messaging apps to orchestrate illicit financial transactions and crypto purchases.

(With inputs from agencies.)