CBI unearths international online investment fraud worth hundreds of crores under Operation Chakra 2

New Delhi [India], October 20 : The Central Bureau of Investigation (CBI) in 'Operation Chakra 2' unearthed an international online investment fraud worth hundreds of crores, targeting Indian citizens, and a cyber-enabled impersonation fraud targeting Singaporean citizens.
In the first case, acting on various inputs received in 2022, including the one given by the Indian Cyber Crime Coordination Centre (I4C) under MHA, the CBI registered a case against sophisticated, organised cybercrime being perpetuated on Indian citizens by foreign scamsters in the name of investment, loan, and job opportunities.
To evade detection, these criminals utilised a multi-layered approach involving UPI accounts, cryptocurrencies, and international money transfers.
Allegedly, the fraudsters were using the advertisement tool of a well-known search engine as well as rented headers to send bulk SMS, thereby creating a web of deception. Victims were lured to deposit funds through UPI accounts in the hope of high returns. The ill-gotten money was laundered through a complex network of UPI accounts, ultimately converging into cryptocurrency or gold purchases using falsified credentials.
The CBI identified 137 shell companies engaged in fraudulent activities. A significant number of these entities were registered with the Registrar of Companies 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 also associated with a Bangalore-based payout merchant. This merchant, central to the fraudulent operation, controlled around 16 distinct bank accounts, where a huge sum of Rs 357 crore (approximately) was funnelled. The funds were then dispersed across various accounts in a deliberate attempt to obscure the trail. Searches conducted in Bangalore, Cochin, and Gurgaon yielded substantial evidence, shedding light on the alleged activities of the shell companies' directors.
The association of the accused with a foreign national has also been detected. The roles of two chartered accountants from Bangalore were found in altering directorships and contact information associated with these fraudulent entities. Searches at their premises led to the recovery of certain documents, email communications, and WhatsApp chats, providing critical insights into their alleged role in facilitating the said foreign national's involvement in these operations.
The second case was registered against unknown individuals on the allegations of cyber-enabled financial crimes targeting Singapore citizens. The inputs in the matter were received from the Singapore Police Force via Interpol channels relating to over 300 cyber-enabled frauds against Singapore citizens involving more than 100 Indian bank accounts, spread across ten (10) States/UTs. It was further alleged that these criminals employed a variety of cyber techniques, including social engineering methods such as phishing, vishing, smishing, and fraudulent tech support, targeting over 400 Singapore citizens.
In a rigorous effort, approximately 150 bank accounts were analysed, and leads on the money trail were identified. A complex network of interconnected entities was reconstructed based on financial communications.
Further investigation into the case is underway.