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Bengaluru/New Delhi: The Enforcement Directorate (ED) has exposed an international financial maze that has shaken India’s internal security and banking regulatory system. Through this highly sophisticated cross-border network operated by ‘The Timothy Initiative’ (TTI), an American non-governmental organization (NGO), foreign funding worth about Rs 95 crore was siphoned off on Indian soil without any legal permission and scrutiny. In this entire game, debit cards of American banks and the same Indian name were used in such a way that even the financial intelligence agencies were shocked.
‘Mica Mark’ arrested at airport and cache of American cards
The strings of this international conspiracy started unraveling when security agencies caught a suspected financial operator named ‘Mica Mark’ at the Kempegowda International Airport in Bengaluru. When his luggage was searched, the investigating officers were stunned. 24 foreign debit cards issued by Truist Bank of America were recovered from him. As the investigation progressed, the premises of the financial head of this network, Ajit Varghese Mathai, were raided. Not only was unaccounted cash (mostly Rs 500 notes) worth Rs 37 lakh recovered, but a corporate debit card bearing the name “Ajit Mathai-The Timothy Initiative” was also recovered. Investigators claim that since 2019, more than 1,000 American debit cards have been illegally distributed in India under this intelligence system.
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Mystery of ‘Santosh Kumar’: How KYC rules were thrown in the eyes?
The most shocking and suspenseful turn in the ED investigation was a unique way of hiding the identity. According to investigating officials, at least 23 different US debit cards were printed in the name ‘Santosh Kumar’ on the direct orders of TTI’s finance head Ajit Mathai. “This was a well-planned criminal conspiracy. The sole objective of printing cards with a single common Indian name ‘Santosh Kumar’ was to keep the identity of the actual withdrawals completely secret and to avoid ‘Know Your Customer’ (KYC) security checks.” The surprising thing is that these cards were handed over to people who were not actually account holders of that American bank. Between November 2025 and April 2026 alone, about Rs 92.55 crore (9.99 million USD) was used in India in this manner, while between January 2024 and March 2026, about Rs 44 crore cash was withdrawn from Indian ATMs.
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Bastar and Dhamtari connection: Mysterious withdrawal of crores of rupees from Naxal affected areas
The biggest concern for ED officials is not just this illegal money, but the destination of this money. When the links of investigation were extended beyond financial violations, its links were found to be connected to sensitive areas like Bastar and Dhamtari of Chhattisgarh. In these areas, which have been historically affected by Left Wing Extremism (LWE) or Naxalite activities, suspicious and frequent ATM withdrawals of approximately Rs 6.34 crore have been recorded through this network. Central investigating agencies are now investigating in depth whether this secret cash was being used to fuel anti-national forces.
Dangerous cocktail of vulnerable population and ideological propaganda
According to the investigation, Jonathan S. Rajan, operations head of ‘The Timothy Initiative’ and his team had created a secret structure which was completely out of the radar of India’s financial surveillance system. This underground funding was being used to target socio-economically backward and vulnerable communities through systematic propaganda, training programs and ideological outreach. This organization was making its inroads by taking advantage of the economic helplessness of backward areas and for this, funds were coming directly into the Indian markets through American ATM cards without any government record. ED is currently carrying out strict inquiries to reach the end point of this entire syndicate and find out the masterminds who are benefiting from it. Many more big names are expected to be revealed in this case in the coming days.