Mumbai, August 29, 2026: The Enforcement Directorate (ED) has arrested three additional individuals, including a Mumbai-based Chartered Accountant, under the Prevention of Money Laundering Act (PMLA) in connection with a major "digital arrest" cyber-fraud case originating in Goa. The agency has alleged that the accused were part of an organised network that routed proceeds of cyber fraud through hundreds of bank accounts before converting the money into cash and foreign currency.
The accused have been identified as Mumbai-based chartered accountant Bhushan Suryakant Moye (47), Vilas Narayan Pawar (61) and Shailesh Dagdu Chavan (38). The ED’s Panaji Zonal Office arrested all three in Mumbai on August 27 following financial analysis and searches linked to the suspected laundering network.
They were produced before the Special PMLA Court at Merces in North Goa, which remanded them to ED custody till September 1.
The latest arrests follow the detention of alleged key operatives Fahim Moin Hussain Sayed and Naim Mueen Sayyed on August 23.
Network Behind Cyber Fraud
Investigation revealed that the arrested Chartered Accountant and operatives played a direct role in creating shell firms, managing complex banking channels, and assisting in converting cyber-fraud proceeds into foreign currency.
The agency alleged that Moye, a chartered accountant, played a key role in creating and managing companies used as part of the cyber-fraud money-laundering network. According to the ED, he incorporated 21 companies using identity documents provided to him and managed them as a single group along with 43 “dummy” directors.
The directors’ names appeared in the corporate records but, according to the agency, they did not exercise actual control over the entities. Moye also allegedly treated the companies as a single assignment while preparing and filing their income-tax returns instead of maintaining separate professional engagements for each company, the ED alleged.
Bank Transfers And Cash Supply
Pawar allegedly arranged RTGS transactions through which proceeds of cyber fraud were routed into the network's bank accounts, while Chavan allegedly supplied cash against the transfers, the agency said.
The ED said its investigation has identified more than 400 beneficiary accounts used to fragment and route the proceeds. These accounts are linked to 330 victim complaints and 163 FIRs registered across more than 20 states and Union territories, involving reported losses of Rs 417.49 crore.
The agency further alleged that entities linked to the network recorded banking transactions exceeding Rs 27,850 crore. The proceeds were allegedly converted into cash and subsequently into foreign currency through companies holding Reserve Bank of India licences for money-changing operations.
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Laundering Activity Continued
The ED said the alleged laundering activity continued after searches conducted on July 17 and remained active until days before the August 23 arrests. The latest arrests, it said, were made to facilitate custodial interrogation and further investigation.
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