They lure individuals through part-time job scams; Investigations identified 3,295 Indian bank accounts involved in these fraudulent transactions
FinTech BizNews Service
Mumbai, 7 December, 2024: The Central Bureau of Investigation (CBI) has conducted searches at 10 locations in Delhi and surrounding areas in connection with an on-going investigation of a Transnational cyber enabled fraud case involving large-scale financial scams, as per the press release issued by the CBI.
CBI registered the said case under Sections 403, 420 of the Indian Penal Code and Section 66D of the Information Technology Act, 2000, was based on a written complaint received from the Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs, Government of India. The complaint alleged that unknown organized cybercriminals and suspected foreign actors were engaged in systematic financial fraud across India.
The investigation so far has revealed that fraudsters operating from overseas use digital platforms such as websites, WhatsApp, and Telegram to target victims in India. They lure individuals through part-time job scams, task-based frauds, and promises of high returns on initial investments. Funds deposited by the victims are quickly transferred through a network of "mule accounts," layered to obscure their origins. These funds are eventually withdrawn overseas via ATMs or used for wallet top-ups on fintech platforms such as "Pyypl," facilitated by international payment networks often disguised as POS transactions. Analysis 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 crores. These funds were withdrawn primarily in Dubai and other UAE locations. Investigations identified 3,295 Indian bank accounts involved in these fraudulent transactions. Funds routed through these accounts were also used to purchase cryptocurrencies. During the searches conducted today, incriminating evidence, including electronic devices and financial records, was seized from the premises of 10 individuals suspected of involvement in the fraud.
The investigation is ongoing to identify additional members of the syndicate and trace the complete flow of illicit funds.
The CBI urges 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.
Investigation is continuing.
