In a painstaking year-long investigation, the Central Bureau of Investigation (CBI) has exposed an intricate network with foreign connections that duped Indian citizens of more than ₹300 crore. The scammers employed various deceptive tactics, including job offers, loans, Ponzi schemes, and multi-level marketing initiatives, all facilitated through an array of digital channels.
The probe, conducted under the aegis of Operation Chakra-II, was initiated in 2022 following a compilation of inputs from various sources, including the Indian Cyber Crime Coordination Centre (I4C), which operates under the Union Home Ministry.
How the Scam Operated
The unscrupulous scammers used a blend of social media platforms, advertisement portals, encrypted chat applications, and SMS to attract unsuspecting victims. They lured individuals with the promise of lucrative loans, part-time employment opportunities, and investments in Ponzi schemes, all under the facade of high returns.
The victims were hoodwinked into depositing funds through UPI, with the perpetrators enticing them with the prospect of substantial gains. However, once the money was in their possession, a sophisticated money laundering operation was set into motion. The ill-gotten funds were funneled through a labyrinth of UPI accounts and ultimately converted into cryptocurrency or gold, often employing fraudulent credentials.
The Involvement of Shell Companies
The investigation has uncovered a shocking revelation concerning the involvement of 137 shell companies in the nefarious activities. Notably, many of these companies were registered with the Registrar of Companies in Bengaluru, and their directors were embroiled in the fraudulent schemes. Several of these directors were also found to have connections with a Bengaluru-based payout merchant.
This payout merchant had control over approximately 16 bank accounts through which a staggering ₹357 crore was channelled. Subsequently, the amassed funds were dispersed across various accounts. Extensive searches were executed across several locations, including Bengaluru, Cochin, and Gurgaon, yielding substantial evidence and shedding light on the dubious activities of the directors associated with the shell companies.
The Foreign Link
Notably, the accused were discovered to have connections with a foreign national. Two chartered accountants from Bengaluru, who were suspected of altering directorships and contact information for the shell companies, were among those investigated. Raids on their premises led to the discovery of documents, email correspondence, and WhatsApp chats that exposed their alleged role in facilitating the involvement of the foreign national in the fraudulent operation.
The investigation is ongoing, and the CBI is committed to bringing the perpetrators of this large-scale scam to justice.
The sophisticated nature of this network and the international dimension have raised concerns about the prevalence of such frauds, and authorities are intensifying efforts to combat cybercrime and financial fraud.
Sources By Agencies
