New Delhi: The Central Bureau of Investigation (CBI) has busted a large and well-organised international cyber fraud network. The agency has filed a chargesheet against 17 accused, including four foreign nationals, and 58 companies.
Fraud methods revealed
The investigation revealed that the accused were defrauding thousands of people through fake loan apps, investment schemes, Ponzi and multi-level marketing (MLM) models, fake part-time job offers and online gaming platforms.
Digital and financial infrastructure
The cyber criminals created a highly structured and technology-driven network using Google ads, SMS campaigns, SIM-box messaging systems, cloud platforms and multiple bank accounts. Bank and merchant accounts were opened through 111 shell companies using fake documents and addresses.
Financial transaction details
Analysis of hundreds of bank accounts revealed that over ₹1,000 crore was laundered through these accounts. ₹152 crore was deposited in a single account.
Searches and evidence seized
Searches were conducted at 27 locations in Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Jharkhand and Haryana. Digital devices, documents and financial records were seized. The investigation also revealed that foreign nationals were running the network from abroad.
Foreign heads and Indian associates
The investigation also revealed that since 2020, foreign handlers – Xu Yi, Huan Liu, Weijian Liu and Guanhua Wang – were setting up shell companies with the help of Indian associates. The CBI has filed charges against them under the Criminal Conspiracy, Use of Forged Documents, and Prohibition of Irregular Deposit Schemes Act, 2019.
Part of Operation Chakra-V
The CBI said that the case is part of the ongoing operation against organised and international cyber-based financial crimes under Operation Chakra-V. The agency expressed its commitment to protect the digital economy and dismantle the cyber crime infrastructure.