The Delhi High Court on Monday rejected the anticipatory bail pleas of two chartered accountants in connection with a cyber fraud and money laundering case involving more than Rs 100 crore, holding that custodial interrogation was necessary.
Justice Girish Kathpalia said the accused, Bhaskar Yadav and Ashok Kumar Sharma, had failed to satisfy the mandatory “twin conditions” prescribed under Section 45 of the Prevention of Money Laundering Act (PMLA). The court held that no sufficient grounds were made out for the grant of anticipatory bail.
The court observed that custodial interrogation was required to enable investigators to uncover the full scope of the alleged offence. It also stated that the possibility of the accused committing further offences could not be ruled out if anticipatory bail were granted.
The case is based on a prosecution complaint filed by the Enforcement Directorate (ED), which stems from FIRs registered in connection with multiple cyber crimes, including investment scams and job-related frauds. According to the allegations, an organised criminal syndicate with links outside India defrauded unsuspecting victims and routed the proceeds of crime abroad through thousands of fake bank accounts before converting the funds into digital assets.
The High Court noted that investigators had identified thousands of suspicious bank accounts across several Indian banks. These accounts were allegedly used to conceal the proceeds of crime through debit cards, foreign withdrawals and digital platforms, indicating a complex and multi-layered money laundering network.
The prosecution alleged that the accused concealed money obtained from defrauding unsuspecting individuals through digital platforms. The defence contended that the transactions involved only legitimate digital asset dealings. The court rejected this claim, stating that the material on record showed the accused were involved in transferring and concealing funds through a vast and complex network.
The court further recorded that the accused were alleged to be part of a Delhi-based group that controlled multiple bank accounts and entities. This group allegedly created a complex structure to transfer and conceal tainted money, and the court held that the operation was carried out as part of an organised criminal network rather than for individual gain.
