One Name, 23 Debit Cards, Rs 95 Crore: ED Probes Cross-Border Funding Network Linked To US-Based NGO

Published 17 June 2026 · india

One Name, 23 Debit Cards, Rs 95 Crore: ED Probes Cross-Border Funding Network Linked To US-Based NGO Reported By, Edited By Last Updated: June 17

One Name, 23 Debit Cards, Rs 95 Crore: ED Probes Cross-Border Funding Network Linked To US-Based NGO Reported By, Edited By Last Updated: June 17, 2026, 09:57 IST Investigators claim the operation relied on debit cards issued by Truist Bank, USA, which were distributed in India to individuals who were not the actual account holders. Rapid Read The probe centres around US-based organisation The Timothy Initiative (TTI) and an alleged conspiracy involving India-based operatives and foreign principals to move and utilise overseas funds through a large network of foreign debit cards. A major financial investigation by the Enforcement Directorate (ED) has uncovered what officials describe as a sophisticated cross-border network allegedly used to channel foreign funds into India by bypassing banking regulations and mandatory compliance mechanisms. According to exclusive investigation details accessed by CNN-News18, the probe centres around US-based organisation The Timothy Initiative (TTI) and an alleged conspiracy involving India-based operatives and foreign principals to move and utilise overseas funds through a large network of foreign debit cards. How The Alleged Foreign Debit Card Network Operated Investigators claim the operation relied on debit cards issued by Truist Bank, USA, which were distributed in India to individuals who were not the actual account holders.

The ED alleges that more than 1,000 foreign debit cards have been circulated across India since 2019 as part of the arrangement. The agency’s findings suggest that between November 2025 and April 2026, foreign funds amounting to approximately Rs 92.55 crore (USD 9.99 million) were utilised through this mechanism. Separately, total ATM withdrawals made through the network between January 2024 and March 2026 are estimated at nearly Rs 44 crore. ‘Santosh Kumar’ Cards And The ED’s Allegations Of KYC Evasion A key aspect of the investigation relates to alleged efforts to evade scrutiny by financial institutions and law enforcement agencies. Officials claim that, on the instructions of TTI Finance Head Ajit Verghese Mathai, at least 23 debit cards were printed under a single generic Indian name, Santosh Kumar, replacing an earlier system that reportedly used regional identification codes. Investigators believe the move was intended to conceal the identities of end users and circumvent Know Your Customer (KYC) safeguards. The ED has described the arrangement as a “well-coordinated criminal conspiracy" designed to bypass prescribed banking and regulatory channels and facilitate direct withdrawal of foreign-source funds from Indian ATMs.