Investigating authorities are examining a suspected large-scale operation that allegedly allowed substantial foreign funds to reach India through a network of US-issued debit cards, circumventing standard banking procedures and oversight requirements.
The inquiry centers on a US-based organization and its associates in India, along with foreign individuals who reportedly helped channel overseas money using debit cards from a US bank. These cards were allegedly provided to people in India who were not the legitimate account holders, enabling direct cash withdrawals from ATMs across the country. Officials estimate that more than 1,000 such cards have been distributed since 2019.
Preliminary findings suggest that nearly Rs 92.55 crore (approximately $9.99 million) in foreign funds were accessed through this method between November 2025 and April 2026. Additionally, ATM transactions linked to the network from January 2024 to March 2026 are estimated at around Rs 44 crore. Authorities have also identified about Rs 6.34 crore in high-frequency ATM withdrawals under scrutiny for potential connections to the operation.
A notable element involves the issuance of at least 23 debit cards under the common name “Santosh Kumar,” reportedly at the direction of the organization’s finance head, Ajit Verghese Mathai. This practice is believed to have replaced an earlier system using regional codes, with the aim of concealing user identities and avoiding standard customer verification processes.
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The investigation intensified following the interception of a key operative, Micah Mark, at Bengaluru’s Kempegowda International Airport. Reports indicate he was carrying 24 debit cards from the US bank at the time. Subsequent searches at locations associated with Mathai led to the recovery of Rs 37 lakh in cash, primarily in Rs 500 notes, along with a corporate debit card linked to the organization.
Beyond the financial aspects, authorities are reviewing the organization’s broader activities in India, including structured programs involving preaching, training, and outreach efforts targeted at economically vulnerable communities. Officials allege that senior members, such as operations head Jonathan S Rajan, developed approaches that took advantage of socio-economic conditions in specific areas to expand these initiatives.
Transactions in parts of Chhattisgarh, notably the Bastar and Dhamtari regions areas with a history of security challenges have drawn particular attention. Investigators are assessing whether the funding mechanisms, cash withdrawals, and outreach activities formed a parallel system operating outside normal financial regulations.
The probe continues as officials work to trace the complete flow of funds, pinpoint beneficiaries, and assess the full scope of the network. No conclusions have been reached, and the matter remains under active examination
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