The Enforcement Directorate (ED) on Monday questioned Dhanya Mohan, the prime accused in an alleged ₹20 crore financial fraud involving the digital arm of a private finance company based in Valappad near Triprayar in Kerala. The central agency is investigating the suspected money laundering aspects of the case after taking cognisance of the predicate offence registered earlier by the Valappad Police. Investigators are examining the alleged diversion of company funds, the movement of money through multiple bank accounts and the acquisition of assets allegedly purchased using the proceeds of the crime.
According to officials, Dhanya Mohan had been associated with the company’s information technology operations for nearly 18 years and was serving as the Assistant General Manager (AGM) and Tech Lead at the IT product and services division when the alleged fraud came to light. Investigators suspect that her senior position and access to the company’s digital financial systems enabled the alleged unauthorised diversion of funds over a period of time.
The case revolves around allegations that nearly ₹20 crore belonging to the company’s digital business was siphoned off into five different bank accounts, including accounts held by the accused’s father and brother. The ED is now examining whether the transfers were structured in a manner intended to conceal the origin of the funds and whether additional individuals knowingly assisted in the alleged financial transactions.
The alleged fraud first came to light in April 2024, when company officials reportedly detected an unauthorised transfer of ₹80 lakh from the firm’s digital account into Dhanya Mohan’s personal bank account. Following an internal review, the company lodged a complaint with the Valappad Police, alleging large-scale financial irregularities and unauthorised diversion of corporate funds. Based on the complaint, the police registered a criminal case and launched an investigation into the suspected embezzlement.
Police officials said that when the investigation team reached the accused’s rented residence at Valappad, she had already left the premises. After remaining untraceable for some time, Dhanya Mohan later surrendered before the Kollam Police, following which the investigation progressed. The subsequent findings and financial records collected during the police probe formed the basis for the ED’s money laundering investigation under the provisions of the Prevention of Money Laundering Act (PMLA).
Investigators suspect that a significant portion of the allegedly misappropriated money was used to finance an extravagant lifestyle and to acquire movable and immovable assets in the names of relatives. Authorities are scrutinising property records, banking transactions and investment details to determine whether the assets represent proceeds of crime. Financial investigators are also attempting to establish whether any associates knowingly assisted in concealing or transferring the allegedly diverted funds.
The police investigation had earlier indicated that the accused was allegedly addicted to online rummy, and investigators are examining whether any of the diverted funds were used for online gaming or related financial transactions. Officials, however, have not disclosed any conclusive findings regarding this aspect, and the matter remains under investigation as agencies continue analysing financial records and digital evidence.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said financial frauds involving digital payment systems often exploit privileged access, weak internal controls and inadequate transaction monitoring. He noted that forensic examination of banking records, server logs, digital devices and electronic transaction trails is crucial for reconstructing the movement of funds and identifying all beneficiaries. According to him, organisations handling large financial transactions should strengthen access controls, implement real-time fraud detection mechanisms and conduct periodic digital audits to minimise the risk of insider-enabled financial crimes.
The ED is continuing to examine the complete money trail to identify all beneficiaries, determine the extent of alleged money laundering and verify whether additional assets were acquired using the suspected proceeds of crime. Investigators are also coordinating with other agencies to analyse digital evidence, banking records and property documents. Officials indicated that if further evidence establishes the involvement of additional individuals or entities in concealing or laundering the allegedly siphoned funds, appropriate legal action will be initiated under the applicable provisions of law.
