ED Arrests Mumbai Chartered Accountant and Two Others in Rs 417 Crore Cyber Fraud Case
The Enforcement Directorate has arrested three individuals in Mumbai, including a chartered accountant, under the Prevention of Money Laundering Act in connection with a major "digital arrest" cyber-fraud case originating in Goa.
The accused have been identified as Mumbai-based chartered accountant Bhushan Suryakant Moye, 47, Vilas Narayan Pawar, 61, and Shailesh Dagdu Chavan, 38. The agency’s Panaji Zonal Office arrested the trio in Mumbai on August 27 following financial analysis and search operations. They were subsequently produced before the Special PMLA Court at Merces in North Goa, which remanded them to ED custody till September 1.
The latest arrests follow the earlier detention of alleged key operatives Fahim Moin Hussain Sayed and Naim Mueen Sayyed on August 23.
According to the Enforcement Directorate, the accused were part of an organised network that routed proceeds of cyber fraud through hundreds of bank accounts before converting the funds into cash and foreign currency. Investigators stated that the chartered accountant and operatives played a direct role in creating shell firms, managing complex banking channels, and converting the fraudulent proceeds.
The agency alleged that Moye played a central role by incorporating 21 companies using identity documents provided to him and managing them as a single group alongside 43 dummy directors. Corporate records listed the directors' names, but the ED stated they exercised no actual control over the entities. Moye also allegedly treated the companies as a single assignment when preparing and filing their income-tax returns rather than maintaining separate professional engagements.
Investigators further alleged that Pawar arranged RTGS transactions to route the cyber-fraud proceeds into bank accounts within the network, while Chavan supplied cash against those transfers.
The ED said its investigation has identified more than 400 beneficiary accounts used to fragment and route the stolen funds. These accounts are linked to 330 victim complaints and 163 FIRs registered across more than 20 states and Union territories, involving reported losses of Rs 417.49 crore.
Entities linked to the network recorded banking transactions exceeding Rs 27,850 crore, the agency alleged. The proceeds were converted into cash and subsequently into foreign currency through companies holding Reserve Bank of India licences for money-changing operations. The ED added that the laundering activities continued following searches on July 17 and remained active until days before the August 23 arrests.
