Comments
The Central Bureau of Investigation (CBI) on Wednesday conducted searches at ten locations, including in Delhi, in an on-going investigation of a transnational cyber fraud case leading to a large-scale financial scam worth approximately ₹117 crore.
On a written complaint received from the Ministry of Home Affairs’ Indian Cyber Crime Coordination Centre (I4C), the CBI said it registered a case under Sections 403 and 420 of the Indian Penal Code and Section 66D of the Information Technology Act, 2000.
Unknown organised cybercriminals and suspected foreign actors were engaged in systematic financial fraud across India.
The CBI said its investigation so far revealed that fraudsters operating from overseas use digital platforms such as websites, WhatsApp, and Telegram target victims in India.
They lure individuals through part-time job scams, task-based frauds, and promises of high returns on initial investments, the agency stated.
Funds deposited by the victims are quickly transferred through a network of “mule accounts,” layered to obscure their origins, the CBI observed.
These funds are eventually withdrawn overseas through ATMs or used for wallet top-ups on fintech platforms such as “Pyypl,” facilitated by international payment networks often disguised as POS transactions.
Analysis carried out by the CBI of 3,903 complaints registered on the National Cybercrime Reporting Portal (NCRP) between January 1, 2023, and October 17, 2023, revealed that the fraudsters siphoned off approximately ₹117 crore.
These funds were withdrawn primarily in Dubai and at other UAE locations.
The CBI investigations identified 3,295 Indian bank accounts were involved in these fraudulent transactions. Funds routed through these accounts were also used to purchase cryptocurrencies.
During the searches conducted on Wednesday, incriminating evidence, including electronic devices and financial records, was seized from the premises of 10 individuals suspected of involvement in the fraud, the agency said.
The investigation is ongoing to identify additional members of the syndicate and trace the complete flow of illicit funds.
The CBI has urged citizens to exercise caution while engaging with offers on digital platforms, particularly those promising quick earnings or lucrative investments. Any suspicious activities should be reported immediately to law enforcement agencies.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.