Financial Adviser Rashesh Shah Arrested in Mumbai Over Cyber Fraud Probe

The Enforcement Directorate arrested Rashesh Upadhyay, also known as Rashesh Shah, at Mumbai’s Chhatrapati Shivaji Maharaj International Airport on October 24, 2026. He was taken to Panaji and produced before a special court under the Prevention of Money Laundering Act. The investigation, which originated from a Goa Police FIR, alleges that he was a key node in a nationwide cyber fraud and digital arrest network suspected of money laundering. The court remanded him to ED custody until October 29.

The case centers on an alleged cybercrime network linked to banking transactions valued at nearly ₹28,000 crore and cash deposits of approximately ₹2,900 crore. Investigators allege that Shah helped secure the release of frozen bank accounts and arranged bribes for officials through private cash intermediaries. The probe highlights ongoing regulatory scrutiny into large-scale financial crimes in India.