ED Arrests Advocate in ₹28,000 Crore Cyber Fraud Probe
The Enforcement Directorate (ED) has arrested Mumbai-based advocate Rashesh Upadhyay, also known as Rashesh Shah, in a money laundering investigation into an alleged nationwide cyber fraud network suspected of handling transactions worth nearly ₹28,000 crore.
Upadhyay was arrested at Mumbai’s Chhatrapati Shivaji Maharaj International Airport on Saturday while preparing to board a flight to Delhi. He was taken to Panaji and remanded to ED custody until October 29 by a special court under the Prevention of Money Laundering Act (PMLA). He is the seventh accused arrested in the case.
The investigation originated from a Goa Police FIR registered on June 9, 2025, after a woman was allegedly cheated of ₹2.60 crore through a digital arrest scam. The ED alleges that the money was routed through around 400 mule bank accounts linked to companies operating in commodity trading, travel and foreign exchange.
According to the agency, the suspected network handled approximately ₹28,000 crore in banking transactions, with more than ₹2,900 crore deposited in cash. Investigators have also identified links to over 300 victim complaints and more than 160 FIRs across 20 states and Union Territories, involving reported losses exceeding ₹400 crore.
The ED is investigating the alleged movement of fraudulent funds and possible involvement of intermediaries and officials.
