How a Delhi CA routed Rs 900 crore in a year from online scams through Dubai

A chartered accountant from southwest Delhi’s Bijwasan has come under the scanner of investigators after agencies uncovered an alleged international fraud network that siphoned off about Rs 900 crore in the past year. The Central Bureau of Investigation (CBI) is seeking custody of Ashok Kumar Sharma, who was recently arrested by the Enforcement Directorate (ED), after investigators linked him to a sophisticated online investment and job scam that targeted thousands of people across India, a TOI report stated.

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Authorities say the racket used social media, mobile applications and overseas financial platforms to move money out of the country while disguising the transactions as routine payments.

Nationwide searches reveal large network

The CBI launched coordinated searches at 15 locations across Delhi, Rajasthan, Uttar Pradesh and Punjab as part of its investigation into the syndicate. The action followed intelligence shared by the Indian Cyber Crime Coordination Centre (I4C), which operates under the Union home ministry and monitors organised cyber fraud networks.

During the searches, investigators collected large volumes of documents and digital records that they believe expose an organised system used to move money quickly through multiple channels.

Officials say the evidence points to a carefully structured operation designed to extract funds from victims and transfer them abroad.

How the fraud allegedly worked

Investigators say the network targeted people online by promising high returns from investments or offering attractive part-time work opportunities. Victims were first encouraged to deposit small amounts.

To gain their trust, the system displayed fake profits on digital dashboards, creating the impression that the investments were working.

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Once confidence was built, victims were persuaded to transfer larger sums of money.

The funds were then routed through several mule bank accounts. This step helped the network fragment the transaction trail and made it harder for regulators and banks to trace the origin of the money.

Dubai fintech platform used for offshore transfers

The probe has also highlighted how the group allegedly shifted funds out of India.

Investigators found that the network used the Dubai-based fintech platform Pyypl along with other international financial channels to move the money overseas.

Funds were withdrawn through offshore ATM transactions using internationally enabled debit cards. In some cases, the money was transferred through wallet top-ups on foreign platforms using Visa and MasterCard payment networks.

Because these transfers appeared as ordinary point-of-sale (POS) transactions within banking systems, they often did not immediately trigger alerts.

Shell companies and crypto layer uncovered

According to investigators, Sharma controlled a key branch of the network that handled the movement of around Rs 900 crore in the last year alone.

The funds were reportedly pooled into bank accounts linked to 15 shell companies and routed through two main entities.

To make recovery more difficult, the proceeds were then converted into USDT, a stablecoin cryptocurrency. Officials say the conversion took place through India-based virtual asset exchanges before the digital assets were transferred to approved or “white-listed” wallets.

Identity fraud adds another layer

The investigation has also revealed suspected identity misuse in the creation of several shell companies.

Authorities found that some individuals were listed as company directors without their knowledge. Investigators believe the syndicate used fraudulently obtained documents to incorporate these entities and open bank accounts.

Earlier in September 2025, the CBI had frozen several accounts linked to the suspected network.

Focus shifts to wider network

Recent searches at the residential and office premises of the shell company directors provided additional evidence that prompted agencies to seek Sharma’s custody for questioning.

With investigators now pursuing custodial interrogation, officials say the focus has shifted to identifying other members of the network, including possible foreign nationals, and tracing the remaining proceeds of crime still moving through international financial systems.