This Post Is Recently Updated on Oct 27, 2023 @ 7:34 am by TBB Desk
Over a year-long investigation, the CBI has revealed a sophisticated network, with foreign ties, that deceived Indians out of hundreds of crores through job and loan offers, and Ponzi scheme enticements. This complex web utilized UPI accounts, cryptocurrency, and international transfers to launder the money, leading to recent raids post money trail analysis.
Shell Companies Involvement Disturbingly, the probe uncovered 137 shell companies, many registered in Bengaluru, and their directors. Some were linked to a local payout merchant.
Operation Chakra-II
Initiated in 2022 as part of Operation Chakra-II, the case was spurred by various inputs including one from the Indian Cyber Crime Coordination Centre under the Union Home Ministry.
Modus Operandi
Fraudsters leveraged social media, ads, encrypted chats, and SMS to lure victims with loan, job offers, and Ponzi scheme investments. Victims were enticed to deposit funds via UPI, which were then laundered into cryptocurrency or gold through falsified credentials.
The agency also identified 137 shell companies engaged in fraudulent activities, and a significant number of these were registered with the Registrar of Companies in Bengaluru. After intense investigations, the directors of these companies were identified and some of these were also found to be linked to a Bengaluru-based payout merchant.
This merchant controlled around 16 bank accounts where ₹ 357 crore was funnelled and the money was then transferred to various accounts. The release said searches were conducted in Bengaluru, Cochin and Gurgaon and yielded substantial evidence, shedding light on the alleged activities of the shell companies’ directors.
Foreign Link
The accused were also found to be associated with a foreign national. While investigating two chartered accountants from Bengaluru – who allegedly altered directorships and contact information associated with the shell companies – searches were conducted on their premises.
The agency said the searches led to the recovery of documents, email communications and WhatsApp chats revealing their alleged role in facilitating foreign national’s involvement in the fraud.
