Rashesh Upadhyay, also known as Rashesh Shah, has been arrested by the Enforcement Directorate in a money-laundering probe into an alleged nationwide cyber fraud and digital arrest network. The case involves ₹28,000 crore in banking transactions, with seven arrests so far.
Rashesh Upadhyay, also known as Rashesh Shah, is an advocate who has been arrested by the Enforcement Directorate (ED) in connection with an alleged nationwide cyber fraud and digital arrest network under investigation for suspected money laundering.
Who is Rashesh Upadhyay?
His arrest on Saturday, 24 October, came at Mumbai’s Chhatrapati Shivaji Maharaj International Airport, where an ED team from Panaji intercepted him at a boarding gate as he prepared to fly to Delhi. Customs officials and personnel from the Central Industrial Security Force (CISF) assisted the agency in locating him, according to a Press Trust of India report.
Upadhyay was subsequently taken to Panaji and produced before a special court under the Prevention of Money Laundering Act (PMLA). The court remanded him to ED custody until 29 October. His arrest takes the total number of people held in the investigation to seven.
The case centres on an alleged cybercrime network whose accounts were linked to banking transactions worth nearly ₹28,000 crore and cash deposits of approximately ₹2,900 crore, according to the ED.
What are the allegations against Rashesh Upadhyay?
While seeking his custody, the ED described Upadhyay as a “key node” in the alleged network. The agency told the court that he had allegedly helped secure the release of bank accounts linked to the suspected operation after police complaints led to their being frozen.
According to the ED’s allegations, he arranged bribes for officials through angadiyas, a network of private cash intermediaries. Investigators are examining the identities of the officials who allegedly received payments and the role played by other intermediaries.
The agency also alleged that although Upadhyay had enrolled as an advocate, he had not appeared or filed a vakalatnama, the document authorising a lawyer to represent a client, for the accused individuals or companies associated with the network.
These are allegations made during an ongoing investigation. The arrest and remand do not establish guilt.
How did the ₹28,000 crore cyber fraud investigation begin?
The investigation began after Goa Police registered a first information report on June 9, 2025. The case followed allegations that a woman from Goa had been placed under “digital arrest” by cyber fraudsters and coerced into transferring ₹2.60 crore between May 21 and June 2 that year.
The ED said the money was routed through around 400 mule accounts associated with commodity, travel and foreign exchange companies allegedly operated through dummy directors. The funds were then withdrawn in cash and converted into foreign currency through money changers licensed by the Reserve Bank of India.
The investigation has since expanded well beyond the original complaint.
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What is a Digital Arrest Scam?
Digital arrest scams involve fraudsters impersonating police officers or other law enforcement officials during phone or video calls. They threaten victims with supposed criminal proceedings and pressure them into transferring money, sometimes keeping them on calls for extended periods to prevent them from seeking help.
There is no legal process in India by which someone can be arrested through a video call. The government advises people who encounter suspected cyber financial fraud to report it through the national cybercrime helpline, 1930, or the official portal, cybercrime.gov.in.
About the Author
Trisha Bhattacharya
Trisha Bhattacharya is a Senior Content Producer at Livemint, with over two years of experience covering entertainment news from India and beyond. She spends her days tracking what’s trending, breaking down pop culture moments, and turning fast-moving entertainment stories into sharp, engaging reads that actually make people want to click — and stay. <br> She holds a Master’s degree in English Literature from Lucknow University, a background that shapes her love for layered narratives, strong voices, and stories that linger long after they’re told. Before joining Livemint, Trisha worked with India Today as an entertainment journalist and film critic. There, she reviewed films, covered industry news, and built a strong foundation in storytelling and cultural analysis. <br> Trisha enjoys working at the intersection of media, culture, and audience interest, always looking for fresh angles and formats. Films, shows, and music are not just her beat but her biggest passion — something that naturally reflects in her writing. Whether it’s cinema, streaming shows, music, or internet trends, she approaches every story with curiosity and intent. <br> Outside the job description, she’s unapologetically passionate about films, shows, and music — sometimes a little too passionate, if you ask her. That enthusiasm often spills into her work, adding personality, urgency, and a touch of chaos that keeps her writing alive. For Trisha, entertainment isn’t just a beat — it’s a language she speaks fluently.