CBI Operation Chakra-II exposes multi-crore international online investment fraud
New Delhi: In a significant crackdown on cyber-enabled financial crimes, the Central Bureau of Investigation (CBI) has achieved substantial success in two high-profile cases as part of Operation Chakra-II, the CBI informed on Friday.
In the first case, the CBI unearthed a complex cybercrime operation that targeted Indian citizens in a massive investment, loan, and job opportunity fraud. The investigation, initiated in 2022 based on various inputs, including information from the Indian Cyber Crime Coordination Centre under the Ministry of Home Affairs, revealed an organised network of foreign scammers.
These fraudsters exploited social media platforms, online advertisement portals, encrypted chat applications, and SMS to entice victims with the promise of lucrative part-time jobs through Ponzi schemes and multi-level marketing initiatives. To avoid detection, the criminals employed a multi-layered approach that involved UPI accounts, cryptocurrencies, and international money transfers, the officials mentioned.
Adding further they said that the scammers used a well-known search engine’s advertising tools and forged headers to send bulk SMS, creating an elaborate web of deception. Victims were convinced to deposit funds through UPI accounts, with hope of substantial returns. The ill-gotten money was laundered through a complex network of UPI accounts, ultimately converging into cryptocurrencies or gold purchases using falsified credentials.
CBI’s investigation has identified 137 shell companies engaged in fraudulent activities, many of which were registered in Bangalore. Rigorous field investigations led to the identification of company directors, most of whom were based in Bangalore. Some of these directors were also associated with a Bangalore-based payout merchant central to the fraudulent operation, controlling approximately Rs 357 crore spread across 16 distinct bank accounts.
While, in second case, the CBI registered a case against unknown individuals for cyber-enabled financial crimes targeting Singaporean citizens.
The Singapore Police Force provided inputs via INTERPOL, reporting over 300 cyber frauds against Singaporean citizens involving more than 100 Indian bank accounts across ten states and union territories. The fraudsters used various cyber techniques, including social engineering methods such as phishing, vishing, smishing, and fraudulent tech support, to target over 400 Singaporean citizens.
Following the case registration, the CBI initiated a crackdown on a vast cyber fraud network targeting Singaporean nationals.
The accused employed a range of cyber techniques, including phishing, vishing, smishing, and fraudulent tech support, the CBI said.
The investigation revealed that the accused convinced victims to transfer funds from Singaporean accounts to various accounts in India. The fraudulently obtained funds were then distributed among other accounts or withdrawn by the cybercriminals. Approximately 150 bank accounts were analysed, and leads on the money trail were identified. During searches at 35 locations, including Patna, Kolkata, Lucknow, Varanasi, Chandigarh, Jalandhar, Bhopal, Chennai, Kochi, and Madurai, investigators recovered incriminating documents related to identity proofs, fraudulent banking transactions, and other crucial evidence, the officials confirmed.
