New Delhi/Chandigarh/Shimla: The Central Bureau of Investigation (CBI) has cracked down on a large-scale international online investment fraud schemes, targeting Indian and Singaporean citizens. In two separate cases, the CBI unveiled the extensive cyber-enabled financial crimes.
In the first case, the CBI initiated an operation in 2022 based on inputs from the Indian Cyber-Crime Coordination Centre (14C) under the Ministry of Home Affairs.
The CBI registered a case against an organized cybercrime operation that duped Indian citizens with promises of investment, loans, and job opportunities.
According to CBI, the fraudsters utilized social media platforms, advertisement portals, and encrypted chat applications to lure victims into Ponzi schemes and multi-level marketing initiatives.
To obscure their tracks, the criminals used a multi-layer approach involving UPI accounts, cryptocurrencies, and international money transfers.
They employed bulk SMS campaigns and advertisements from search engines to deceive victims into depositing funds through UPI accounts.
The ill-gotten funds were laundered through a network of UPI accounts, ultimately converging into cryptocurrency or gold purchases using falsified credentials.
The CBI identified 137 shell companies involved in fraudulent activities, many of which were registered in Bangalore.
Rigorous field investigations led to the identification of these companies' directors, most of whom were based in Bangalore.
Some of these directors were associated with a Bangalore-based payout merchant who controlled around 16 bank accounts, where a significant sum of Rs 357 crore was funneled.
Searches in Bangalore, Cochin, and Gurgaon provided substantial evidence related to the alleged activities of the shell companies' directors.
The involvement of foreign nationals in the scam was also detected. Two chartered accountants from Bangalore were found to be altering directorships and contact information associated with these fraudulent entities.
Searches at their premises yielded documents, email communications, and WhatsApp chats that shed light on their role in facilitating the foreign nationals' involvement.
In the second case, the CBI initiated proceedings against individuals involved in cyber-enabled financial crimes targeting Singapore citizens.
These criminals employed various cyber techniques, including social engineering methods such as phishing, vishing, smishing, and fraudulent tech support.
They targeted over 400 Singapore citizens and used Indian bank accounts across 10 states and Union territories.
In both cases, the accused made victims transfer funds from Singaporean accounts to various accounts in India, which were then distributed or withdrawn by the cybercriminals.
The CBI conducted thorough investigations, analyzing around 150 bank accounts and identifying leads on the money trail. They reconstructed a complex network of interconnected entities based on financial communication.
Searches at 35 locations across various cities, including Patna, Kolkata, Lucknow, Varanasi, Chandigarh, Jalandhar, Bhopal, Chennai, Kochi, and Madurai, resulted in the recovery of documents related to identity proofs, fraudulent bank transactions, and other crucial evidence.
The CBI's investigations have revealed that cybercriminals are expanding their network across the nation in these two cases. The investigations continue.
