PANAJI: The Directorate of Enforcement (ED), Panaji Zonal Office, has arrested Mumbai-based advocate Rashesh Bharatkumar Upadhyay, alias Rashesh Shah, for allegedly arranging bribes to facilitate the unfreezing of bank accounts linked to a nationwide cyber fraud and money laundering network.
Upadhyay was arrested on October 24 under the Prevention of Money Laundering Act (PMLA), 2002. He was intercepted at the boarding gate of Mumbai’s Chhatrapati Shivaji Maharaj International Airport while allegedly attempting to board an early-morning connecting flight to Delhi without a return ticket. The operation was carried out with assistance from Mumbai Customs and the Central Industrial Security Force (CISF).
The Special Court (PMLA) in North Goa has remanded him to ED custody until October 29.
Fraud Targeted Goa Couple
The investigation originated from an FIR registered by Goa Police following a digital arrest scam targeting a Goa resident and her husband. According to investigators, fraudsters posing as officials of the Telecom Regulatory Authority of India (TRAI) and the Central Bureau of Investigation (CBI) allegedly kept the woman under continuous video surveillance, presented a forged Supreme Court order and pressured the couple into transferring approximately Rs. 2.6 crore to bank accounts described as “Secret Supervision Accounts”.
The ED subsequently traced the suspected proceeds of crime through more than 400 mule accounts to a network of commodity trading, travel and foreign-exchange companies allegedly controlled by Fahim Moin Hussain Sayed and Naim Mueen Sayyed through dummy directors.
Transactions Worth Rs. 28,000 Crore Under Scanner
According to the ED, the network was involved in banking transactions worth nearly Rs. 28,000 crore and cash deposits amounting to approximately Rs. 2,900 crore.
The network’s bank accounts have reportedly figured in more than 300 victim complaints and over 160 FIRs registered across 20 states and Union Territories. The complaints involve reported financial losses exceeding Rs. 400 crore.
Advocate Allegedly Brokered Bribes
Investigators allege that Upadhyay acted as an intermediary between the network and individuals who could facilitate the release of bank accounts frozen during cyber fraud investigations.
The ED claims that he coordinated bribe payments through angadiyas, or informal cash couriers, and decided the amounts to be paid, collection points and onward distribution of the money.
According to the agency, Upadhyay admitted to arranging the unfreezing of around 100 bank accounts for different agents. One alleged transaction involved a payment exceeding Rs. 60 lakh.
The agency suspects that the restoration of access to these accounts allowed the network to continue moving money allegedly generated through cyber fraud. Upadhyay is also accused of continuing such dealings after ED searches, including in connection with accounts frozen by the agency.
Alleged Evidence Destruction, Attempt to Flee
The ED further alleges that Upadhyay deleted chats with co-accused individuals and switched off his known mobile numbers before attempting to leave the country or evade investigators, according to the agency’s account of the case.
The agency has also questioned his role as a practising advocate, stating that he had neither appeared nor filed a vakalatnama on behalf of the co-accused or their companies. Investigators allege that he used his professional standing as a cover for arranging bribes and facilitating access to funds linked to cybercrime.
The ED has maintained that the protection available to advocate-client communications does not extend to communications intended to further illegal activities or those that provide evidence of a crime or fraud.
Seven Arrests So Far
Upadhyay’s arrest is the seventh in the case. The ED had previously arrested six individuals, including alleged network controllers Fahim Moin Hussain Sayed and Naim Mueen Sayyed, as well as agents suspected of arranging banking transactions and securing the release of frozen accounts.
The investigation is continuing, with the agency focusing on identifying officials who allegedly received bribes, establishing the role of angadiyas and other intermediaries, and tracing the full extent of the suspected proceeds of crime.
