The case came to light after Ashok Vijayvargiya, a chartered accountant from Gwalior, allegedly lost more than Rs 21 crore in a cryptocurrency investment scam. According to investigators, the fraud began in December 2025 when Vijayvargiya received a WhatsApp message from a woman identifying herself as “Divya”. Investigators alleged that Malviya had access to the bank account and internet banking credentials of the organisation where he was president. During interrogation, he reportedly provided information about an interstate network allegedly operating mule accounts — bank accounts used to receive and quickly transfer illicit funds before they can be frozen. Investigators have so far identified 76 first-layer bank accounts into which the victim's money was transferred.