Two CAs arrested in Rs 640 Crore Cyber Fraud Case

ED has arrested two Chartered Accountants (Ajay Yadav and Vipin Yadav) and a cryptocurrency trader (Jitendra Kaswan) who were operating cyber fraud racket. This racket was being handled by several CAs (Chartered Accountants), CSs (Companies Secretary) and cyptocurrency traders. The total value of scam is around Rs 640 crores which is collected by various illegal means such as par time job scam, betting, gambling and various kind of phishing scams. These funds were routed through more than 5000 indian bank accounts and uploaded on a UAE based payment platform (PYYLP). The funds were then withdrawn in Dubai using Indian bank accounts ATM cards. The racket was supported by various handlers sitting aborad and communicating via group chat on messaging apps. During the search, CBI siezed around 2000 documents having details of debit/credit transactions in more than hundred bank accounts, cryptocurrency sale/ purchase etc.