The CBI has arrested five individuals for their active involvement in executing the alleged fraud. They are being produced before the competent court as per due process.
Photo: IANS
The Central Bureau of Investigation (CBI), as part of its anti-cybercrime drive under the ongoing Operation Chakra-V, has carried out searches in a cryptocurrency token fraud case, exposing a sophisticated transnational cyber scam worth hundreds of crores of rupees.
According to officials, coordinated search operations were conducted on Friday at seven locations across Delhi NCR, Hyderabad, and Bengaluru, leading to the recovery of incriminating digital evidence and financial records related to the case.
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The CBI has arrested five individuals for their active involvement in executing the alleged fraud. They are being produced before the competent court as per due process.
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The case, registered under charges of criminal conspiracy, impersonation, fraud, and offences under the Information Technology Act, pertains to an elaborate scheme orchestrated by masterminds based outside India in collusion with Indian nationals.
Between 2021 and 2023, organized cyber frauds were committed across the country in the guise of loan offers, job opportunities, investment plans, and cryptocurrency schemes. These frauds were allegedly facilitated through multiple shell companies, which were used to open mule bank accounts.
Proceeds collected from victims were routed through these accounts, converted into cryptocurrencies, and transferred abroad using complex financial layering and crypto-conversion routes.
The federal agency’s probe has revealed that several shell entities were incorporated in India at the behest of foreign perpetrators. These entities were registered with various FinTech and payment aggregator platforms to collect and channel public funds.
The collected funds were consolidated, converted into cryptocurrencies, and transferred to multiple crypto wallets before being remitted overseas to conceal the proceeds of crime.
Further investigation is underway to trace cross-border financial trails, identify other individuals and entities involved, and unravel the full extent of the conspiracy.
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