CBI unearths two international cyber frauds under operation Chakra

In a massive crackdown against organised cyber financial crimes, the Central Bureau of Investigation (CBI) under its operation Chakra-II, unearthed an international fraud of hundreds of crores and a cyber-enabled impersonation fraud. In the first case, in 2022, based upon various inputs, including the one given by the Indian Cyber Crime Coordination Centre (I4C) under the MHA, the CBI registered a case against sophisticated, organised cyber crime being perpetuated on Indian citizens, by foreign scamsters in the name of investment, loan and job opportunities, CBI officials said. After carrying out a detailed analysis of the complex money trail, the CBI recently conducted raids at the locations of the suspects. “The fraudsters, allegedly, exploited various social media platforms and their advertisement portals, encrypted chat applications, SMS to entice victims with promises of lucrative part-time jobs through ponzi schemes and multi-level marketing initiatives. “To evade detection, these criminals utilised a multi-layered approach involving UPI accounts, crypto currencies, and international money transfers,” a CBI officer said. Allegedly, the fraudsters were using the advertisement tool of a well-known search engine, as well as rented headers to send bulk SMS messages, thereby creating a web of deception. “Victims were lured to deposit funds through UPI accounts, in the hope of high returns. The ill-gotten money was laundered through a complex network of UPI accounts, ultimately converging into crypto currency or gold purchases using falsified credentials,” said the officer. The CBI identified 137 shell companies engaged in fraudulent activities. “A significant number of these entities were registered with the Registrar of Companies in Bengaluru. Rigorous field investigations led to the identification of these companies’ directors, most of whom were based in Bengaluru. Some of these directors were also associated with a Bengaluru-based payo