₹640 Crore Cyber Fraud Case: SC Rejects Anticipatory Bail to Chartered Accountant, Orders Surrender in 10 Days
Chartered Accountant Implicated in ₹640 Crore Cyber Fraud Denied Anticipatory Bail
A chartered accountant implicated in a ₹640 crore cyber fraud and money-laundering case has been denied anticipatory bail by the Supreme Court, with the bench ordering the individual to surrender to investigators within ten days.
Background of the Case
The decision upholds an earlier ruling by the Delhi High Court, which rejected the accountant’s plea for pre-arrest protection. The high court had deemed the case an “intricate mesh” of laundering proceeds of crime, warranting custodial interrogation.
The investigation, stemming from two First Information Reports (FIRs), has revealed that part of the defrauded funds was withdrawn in cash in Dubai using debit and credit cards linked to Indian bank accounts.
Allegations of Money Laundering and Influence Peddling
The Enforcement Directorate (ED) has claimed that a network of chartered accountants, company secretaries, and cryptocurrency traders worked in tandem to layer and launder the illicit proceeds. The agency has also alleged that the accused attempted to influence the probe, including claims of assaulting investigating officers, bribing local police, and destroying electronic evidence.
Implications of the Supreme Court’s Decision
The Supreme Court’s decision to deny anticipatory bail emphasizes the need for an effective investigation in a case with significant economic ramifications. The accused’s surrender will enable the ED to conduct a thorough probe into the alleged money-laundering activities.
The case highlights the increasing complexity of cyber-enabled financial crimes and the need for coordinated efforts to combat such threats. The investigation is ongoing, with the ED working to unravel the layers of the alleged money-laundering operation.
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