The Enforcement Directorate arrested Ashok Kumar Sharma and Bhaskar Yadav on February 28 2026. They were arrested under the Prevention of Money Laundering Act, enacted in India in 2002.

People investigating this case say the operation was very large. It dealt with a lot of money, around ₹641 crore, that was taken from people all over India. The people who did this scam used tricks to get money from their victims.

The accused utilized fraudulent investment schemes and counterfeit part-time employment offers. Additionally, they employed QR codes and conducted phishing attacks to defraud individuals.

• Fraud Network Used Shell Companies & Telegram Mule Accounts
• Funds Routed Through UAE Fintech Platform & Crypto
• Accused Evaded Investigation Before Arrest
• Multiple Arrests & Asset Attachments

Fraud Network Used Shell Companies & Telegram Mule Accounts

The police looked into this. Found out that people who got cheated were told to put their money into fake bank accounts. These accounts were controlled by people using Telegram on their phones. The money was then moved through many companies created to hide its source.

The police discovered that the bad people had set up more than 20 fake companies. Many of these companies were run from addresses in Bijwasan, Delhi. They even used the partners' identification papers, email addresses, and phone numbers for many of these companies. The police think that these companies were used to launder money before sending it to other countries. The money was laundered by moving it through many of these companies, such as Telegram-based networks, before it was sent abroad to hide its true origin, which was fake bank accounts.

Funds Routed Through UAE Fintech Platform & Crypto

Investigators say the laundered money was ultimately transferred through Indian bank-issued Visa and Mastercard debit cards to the UAE-based fintech platform PYYPL, which provides internationally usable prepaid cards regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority.

From these wallets, the funds were reportedly withdrawn overseas, particularly in Dubai through ATMs and POS transactions, or converted into Virtual Digital Assets (VDAs) via the Binance crypto exchange. The crypto assets were then routed through a complex chain of custodial and non-custodial wallets to conceal the money trail and project the proceeds of crime as legitimate funds.

Accused Evaded Investigation Before Arrest

Search operations were conducted on November 28, 2024, including at the residence of Ashok Kumar Sharma. During the search proceedings, Sharma reportedly fled the premises and allegedly assaulted ED officials while evading action, leading to the registration of an FIR at Kapashera Police Station in New Delhi.

Bhaskar Yadav also absconded after learning about the search operations. Investigators recovered incriminating materials including ATM cards and cheque books belonging to shell companies from Sharma’s residence.

Multiple Arrests & Asset Attachments

Both accused people ran away for months. Asked for bail before they got arrested. Their requests were denied by the Special Court and then by the Delhi High Court. They even asked the Supreme Court for help. It also said no and told them to surrender.

So far, 10 people have been caught in this case. The authorities have also ordered the seizure of properties worth around ₹8.67 crore. They have filed two complaints against the accused in the Special PMLA Court. The court is now looking into the case.

The police are still. Trying to find out more about what happened.