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.
The investigation gained momentum after authorities intercepted Micah Mark, identified as a key financial operative, at Kempegowda International Airport in Bengaluru. He was allegedly found carrying 24 Truist Bank debit cards. Subsequent searches at Mathai’s premises reportedly led to the recovery of Rs 37 lakh in cash, mostly in Rs 500 denomination notes, along with a corporate debit card mapped to “Ajit Mathai – The Timothy Initiative”.
Probe Expands Beyond Financial Violations
Beyond financial violations, sources familiar with the investigation have raised concerns about the broader objectives of the organisation’s activities in India. According to the probe, TTI’s operational structure allegedly targeted socio-economically vulnerable communities through structured preaching, training programmes and ideological outreach.
Officials claim the organisation’s leadership, including Operations Head Jonathan S Rajan, developed systems that leveraged economic vulnerabilities in marginalised regions. Investigators argue that the covert financial architecture enabled these activities to expand without attracting regulatory attention.
Particular concern has been expressed over transactions in parts of Chhattisgarh, where authorities have flagged approximately Rs 6.34 crore in suspicious high-frequency ATM withdrawals in the Bastar and Dhamtari regions, areas that have historically witnessed Left-Wing Extremist activity.
The ED is examining whether the alleged combination of unaccounted foreign funding, covert cash withdrawals and ideological outreach created a framework capable of influencing vulnerable populations while operating outside India’s financial oversight mechanisms. The investigation remains ongoing, with agencies continuing to scrutinise the full scale of the network and its beneficiaries.
/images/ppid_a911dc6a-image-178177486177054153.webp)
/images/ppid_59c68470-image-178178252821145868.webp)
