₹28,000 Crore Cyber Fraud Probe: ED Arrests Advocate Rashesh Upadhyay at Mumbai Airport

The Enforcement Directorate (ED) has arrested advocate Rashesh Upadhyay, alias Rashesh Shah, at Mumbai Airport in connection with an alleged pan-India cyber fraud and money-laundering network involving banking transactions worth ₹28,000 crore. The accused allegedly facilitated the unfreezing of bank accounts through bribes to officials. A special PMLA court has remanded him to ED custody until 29 October 2026, taking total arrests in the case to seven.

The Enforcement Directorate (ED) arrested advocate Rashesh Upadhyay, alias Rashesh Shah, at Mumbai's Chhatrapati Shivaji Maharaj International Airport on 24 October 2026, in connection with a nationwide cyber fraud and money-laundering investigation involving banking transactions worth approximately ₹28,000 crore.

A team from ED's Panaji unit intercepted the advocate at the airport's boarding gate while he was preparing to board a flight to Delhi. He was subsequently produced before a special Prevention of Money Laundering Act (PMLA) court, which remanded him to ED custody until 29 October 2026.

According to the ED's allegations, Upadhyay played a key role in facilitating the unfreezing of bank accounts linked to the suspected cyber fraud network by arranging bribes to officials through Angadiyas, who operate informal cash-transfer networks.

The investigation originated from a Goa Police FIR registered on 9 June 2025, following a complaint by a woman allegedly cheated of ₹2.60 crore through a digital arrest scam. Investigators identified approximately 400 mule bank accounts associated with commodity trading, travel and foreign exchange companies allegedly operated through dummy directors.

The ED stated that the suspected network handled nearly ₹28,000 crore in banking transactions, including approximately ₹2,900 crore in cash deposits. The accounts have reportedly been linked to over 300 victim complaints and 160 FIRs across 20 states and Union Territories, involving reported losses exceeding ₹400 crore.

The latest arrest brings the total number of accused arrested to seven. Further investigation is underway to identify other intermediaries, officials allegedly involved in bribery and the proceeds of crime.

The allegations against the accused remain subject to investigation and judicial proceedings.

Source: CA Sansaar