Supreme Court Denies Anticipatory Bail to Chartered Accountant in ₹640 Crore Cyber Fraud Case, Orders Surrender in 10 Days
Court upholds Delhi High Court ruling, cites intricate money laundering network
Case linked to betting, phishing, and online job scams across thousands of accounts
By Legal Reporter
New Delhi: February 19, 2026:
In a major ruling, the Supreme Court of India has refused to grant anticipatory bail to chartered accountant Bhaskar Yadav, accused in a ₹640 crore cyber fraud and money laundering case. The apex court upheld the Delhi High Court’s earlier order and directed Yadav to surrender within 10 days, stressing the need for custodial interrogation given the scale and complexity of the alleged fraud.
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Background of the Case
- The case stems from two FIRs filed by the Economic Offences Wing (EOW) of Delhi Police, investigating cyber fraud involving betting, gambling, fake part-time jobs, and phishing scams.
- The Enforcement Directorate (ED) later joined the probe under the Prevention of Money Laundering Act (PMLA), 2002, alleging that proceeds of crime were laundered through multiple channels, including overseas platforms.
- Investigators claim that funds were siphoned off using 5,000+ bank accounts, with links traced to a UAE-based platform.
Supreme Court’s Observations
- A bench of Justices M.M. Sundresh and Augustine George Masih upheld the Delhi High Court’s February 2 order denying bail.
- The High Court had noted an “intricate mesh of laundering of money” and emphasized the need for custodial interrogation to uncover the full extent of the fraud.
- The Supreme Court agreed, ruling that anticipatory bail was not justified given the seriousness of allegations and the risk of evidence tampering.
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Why This Matters
- Cybercrime Growth – The case highlights the rising scale of online fraud in India, targeting middle-class investors and job seekers.
- Legal Enforcement – The ruling underscores the judiciary’s support for strong enforcement under PMLA, especially in large-scale financial crimes.
- Investor Protection – With thousands of victims, the case reflects the urgent need for better safeguards against digital scams.
Relevant Laws
- Prevention of Money Laundering Act (PMLA), 2002 – Provides for investigation and prosecution of money laundering linked to criminal proceeds.
- Indian Penal Code (IPC) – Fraud, cheating, and criminal conspiracy provisions apply to cyber scams.
- Information Technology Act, 2000 – Governs cybercrime, including phishing and online fraud.
- Chartered Accountants Act, 1949 – Professional misconduct charges may apply if financial professionals are found complicit.
Broader Implications
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- For Regulators: The case highlights the need for stronger monitoring of financial transactions and stricter KYC compliance.
- For Professionals: Chartered accountants and auditors face heightened scrutiny when linked to financial irregularities.
- For Victims: The ruling may pave the way for faster investigation and recovery of funds, though challenges remain in tracing laundered money abroad.
Expert Views
Legal experts say the Supreme Court’s refusal of anticipatory bail reflects the seriousness with which courts view cyber fraud. Financial analysts warn that scams involving betting and fake jobs are proliferating, requiring coordinated action by regulators, banks, and law enforcement.
Conclusion
The Supreme Court’s directive to surrender in the ₹640 crore cyber fraud case marks a significant step in India’s fight against financial crime. By denying anticipatory bail, the court has reinforced the principle that custodial interrogation is essential in complex money laundering cases. The ruling also serves as a warning to professionals that complicity in fraud will not be tolerated.
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