₹640 Crore Cyber Fraud Case: SC Rejects Anticipatory Bail to Chartered Accountant, Orders Surrender in 10 Days
India’s Supreme Court Denies Anticipatory Bail in ₹640 Crore Cyber Fraud Case
India’s Supreme Court has denied anticipatory bail to a chartered accountant implicated in a ₹640 crore cyber fraud and money-laundering scheme, upholding a prior decision by the Delhi High Court. The accused, Bhaskar Yadav, has been ordered to surrender to investigators within ten days.
The Case: An “Intricate Mesh” of Financial Transactions
The case, which involves the alleged laundering of proceeds from a large-scale cyber fraud operation, has been described as an “intricate mesh” of financial transactions designed to conceal the origin of the illicit funds. According to investigators, Yadav and his co-accused, Ashok Kumar Sharma, used their expertise as financial professionals to engineer complex fund movements and obscure the money trail.
Investigation Reveals Cross-Border Movement of Funds
The investigation, which stems from two First Information Reports (FIRs), has revealed that part of the defrauded money was withdrawn in cash in Dubai using debit and credit cards linked to Indian bank accounts. This has led investigators to suspect cross-border movement of funds.
According to the Enforcement Directorate (ED), a network of chartered accountants, company secretaries, and cryptocurrency traders worked together to layer and launder the illicit proceeds. The agency has also claimed that the accused attempted to influence the probe, including allegations of assaulting investigating officers, bribing local police, and destroying electronic evidence.
Delhi High Court’s Ruling
In its 22-page order, the Delhi High Court had justified the ED’s request for custodial questioning, citing the scale and structure of the transactions. The court noted that cryptocurrency transactions, while not inherently illegal in India, were used in this case to facilitate fraudulent activities.
Supreme Court’s Decision
The Supreme Court’s decision upholds the High Court’s ruling, and Yadav is now required to surrender and join the ED’s investigation within the stipulated period. The case highlights the growing concern of cyber-enabled financial crimes in India and the need for effective investigation and prosecution to combat these threats.
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