NEW DELHI: The Central Bureau of Investigation (CBI) on Wednesday conducted searches at 10 locations across Delhi and adjoining areas in connection with probe into a cyber fraud involving embezzlement of `117 crore.
According to CBI officials, the raids were conducted after a case was registered following a complaint from the Indian Cyber Crime Coordination Centre (I4C) under the Union Ministry of Home Affairs.
The CBI FIR alleged that unidentified organised cybercriminals and suspected foreign actors were engaged in systematic financial frauds across India, they said. “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,” a senior CBI official said.
“The cybercriminals 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’ and layered to obscure their origins,” he added.
These funds are eventually withdrawn overseas via ATMs or used for wallet top-ups on fintech platforms such as ‘Pyypl’, facilitated by international payment networks often disguised as POS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, the official said.
“Analysis of 3,903 complaints registered on the National Cybercrime Reporting Portal between January 1, 2023, and October 17, 2023, revealed that the fraudsters siphoned off approximately `117 crore. These funds were withdrawn primarily in Dubai and other UAE locations.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,” the official said.
During the raids, “incriminating” evidence, including electronic devices and financial records, was seized from the premises of 10 individuals.
Modus operandi
The cybercriminals 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’ and layered to obscure their origins.