ED Arrests Mumbai Advocate in ₹28,000 Crore Cyber Fraud Probe

The Enforcement Directorate (ED) has arrested a Mumbai-based advocate in connection with an alleged nationwide cyber fraud and money laundering network involving bank transactions worth nearly ₹28,000 crore. The agency accused Rashesh Bharatkumar Upadhyay, also known as Rashesh Shah, of arranging bribes to help release around 100 bank accounts that had been frozen during cyber fraud investigations. The arrest was made on October 24, 2026, at Mumbai's Chhatrapati Shivaji Maharaj International Airport. A special court in North Goa has sent him to ED custody until October 29.

The arrest is the seventh in the case, which is linked to more than 300 complaints from victims and over 160 First Information Reports (FIRs) across 20 states and Union Territories. According to the ED, the reported losses in these cases exceed ₹400 crore. The agency is investigating how the money was moved through different bank accounts and how the alleged network continued operating after some accounts were frozen.

Alleged Role in Unfreezing Bank Accounts

According to the ED, Upadhyay acted as an intermediary between members of the alleged fraud network and certain officials. The agency claims that he arranged cash bribes to get bank accounts released after they were frozen following cyber fraud complaints. These payments were allegedly carried through angadiyas, informal couriers who transport cash and other valuables. The ED reportedly said Upadhyay helped arrange the amounts, collection points and delivery of the money. In one alleged instance, the payment was more than ₹60 lakh.

The agency also alleged that Upadhyay helped unfreeze around 100 bank accounts for different agents. It further claimed that he continued these activities even after searches were conducted in the case. Before his arrest, he allegedly deleted chats with other accused people and switched off his known mobile numbers. The ED is now trying to identify the officials who may have received the alleged bribes and trace the other people involved.

Investigation Began With a Digital Arrest Scam

The investigation started after Goa Police registered a case involving a digital arrest scam. According to the ED, fraudsters allegedly posed as officials from the Telecom Regulatory Authority of India (TRAI) and the Central Bureau of Investigation (CBI) to threaten a woman from Goa and her husband. The fraudsters allegedly kept the victims under video surveillance and showed them a fake Supreme Court reportedly order to make their threats appear genuine. The woman was then forced to transfer around ₹2.6 crore to bank accounts described as secret supervision accounts.

The ED said it traced the money through more than 400 bank accounts before identifying a network of commodity, travel and foreign exchange companies allegedly operated through dummy directors. The investigation found that the network had handled banking transactions worth nearly ₹28,000 crore and cash deposits of about ₹2,900 crore. The agency said accounts linked to the network appeared in complaints and FIRs across the country. These figures relate to the wider network and are separate from the ₹2.6 crore allegedly taken from the Goa couple.

The investigation is continuing to identify the suspected recipients of the payments, examine the role of other intermediaries and trace the money linked to the alleged fraud network. The allegations remain under investigation, and the case will proceed through the legal process.