Mastermind of Massive Cyber Fraud Racket Attacks ED Officials During Raid in Delhi

Mastermind of Massive Cyber Fraud Racket Attacks ED Officials During Raid in Delhi

November 30, 2024 Catherine Williams - Chief Editor World

Cyber Fraud Investigation Targets Chartered Accountant in New Delhi

The Enforcement Directorate (ED) has identified Ashok Kumar Sharma, a chartered accountant, as the key figure in a large cyber fraud operation. This scheme involved multiple shell companies and illegal money transfers. On Thursday, the ED raided Sharma’s farmhouse in Bijawasan, Delhi.

During the raid, Sharma and his brother attacked ED officials with wooden chairs and managed to escape, injuring two officials. The investigation looks into their allegations of defrauding the public by promising jobs and investments, with funds traced to the United Arab Emirates.

ED sources describe this case as unique due to its scale. They estimate that Sharma used 1,000 to 1,500 mule accounts to receive and transfer the stolen money. The Financial Intelligence Unit (FIU) provided key information that guided the ED’s investigation.

The police have charged Sharma and his brother with various offenses, including assaulting public servants and obstructing their duties. Additionally, a relative named Yash has been arrested in connection to the case.

Scheme Involves Shell Companies

Sharma and his brother allegedly directed around 200 shell companies. These companies collected money from the public through fake job offers and investment opportunities. They requested application fees ranging from Rs 1,000 to several thousand rupees, which were deposited into mule accounts.

They also developed an application to gather personal details from potential victims. The operation used ATM and debit cards linked to the mule accounts. The funds were then transferred to a payment aggregator in Abu Dhabi, known as Pyypl.

The ED reports that the stolen funds were converted into Dirhams and then used to buy cryptocurrencies and other investments. Despite the chaos during the raid, investigators recovered significant evidence, including ATM cards, checks from mule accounts, PAN cards, and rubber stamps used for transactions.

This operation highlights the risks of cyber fraud and the importance of protecting personal financial information. The authorities continue to investigate and gather evidence to hold those responsible accountable.