CBI Operation Targets Global Cyber Fraud Involving Digital Payments and Fake Apps

India is facing an increasing surge of cyber fraud, and a new investigation has demonstrated how sophisticated and well-organised these schemes have grown. The Central Bureau of Investigation (CBI) has discovered a major international cyber fraud network that defrauded thousands of people across the country using fake loan apps, fraudulent investment schemes, misleading part-time employment offers, and fraudulent online gaming platforms.

According to the CBI, the fraud network operated through misleading mobile apps and internet advertisements that promised quick loans, huge investment returns, and easy work-from-home opportunities. Many victims were duped by Ponzi schemes (a fraud where money from new investors is used to pay earlier investors, creating a false impression of genuine profits) and Multi-Level Marketing (MLM) models, which compensated early users with money collected from new victims. As people invested more money, the sites disappeared or restricted access.

The investigation began after the Indian Cyber Crime Coordination Centre detected a significant increase in online investment fraud and job frauds. At first, the complaints appeared to be independent scenarios. However, further investigation revealed that the same mobile apps, payment systems, bank accounts, and digital tools were used across multiple schemes, pointing to a single massive cyber fraud operation.

The CBI has filed a chargesheet against 17 people, including four foreign nationals, and 58 firms implicated in this multinational cybercrime ring. Three main accused were captured earlier, and investigations indicated that foreign handlers controlled the operations from outside India.

The fraudsters utilised cutting-edge technology to cover their tracks. They used Google Ads, bulk SMS campaigns, SIM-box systems, cloud servers, fintech platforms, and hundreds of mule bank accounts. To control money flow, they formed 111 shell companies with false documents, addresses, and directors. These companies assisted in the opening of bank accounts and payment gateways for the transfer of illegal funds.

Investigators discovered over ₹1,000 crore was moved through various accounts, with one account getting over ₹152 crore in a short period. Raids were conducted at 27 locations in several states, resulting in the capture of digital devices and financial documents. This operation is part of the CBI's Operation CHAKRA-V, which aims to combat organised cyber fraud, internet frauds, and international financial crime. Authorities have advised people to remain cautious, avoid suspicious apps, and verify internet offers before investing or providing personal information.

This case demonstrates how cyber fraud networks are getting more organised, technologically advanced, and worldwide in scope. Authorities encourage people to be cautious of internet offers and unknown initiatives. Strong awareness and early reporting are critical to combating digital financial fraud.

This article is based on information from NDTV