New Delhi, March 12: The Central Bureau of Investigation (CBI) has conducted raids at 15 locations across Delhi, Rajasthan, Uttar Pradesh, and Punjab. This action is part of an extensive investigation into organized online investment fraud and part-time job scams, primarily linked to the Dubai-based fintech platform “PYPL.”
The CBI registered the case based on information received from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs. Allegations suggest that an organized international fraud syndicate has swindled millions of rupees from thousands of unsuspecting Indian citizens through deceptive online schemes.
The investigation revealed that the syndicate used social media platforms, mobile applications, and encrypted messaging services to lure victims with promises of high returns on investments and part-time job opportunities. Initially, victims were encouraged to deposit small amounts to gain their trust, with fictitious profits showcased to entice them further. Once they invested larger sums, the fraudsters would cut off all communication.
Funds obtained through these scams were quickly transferred via numerous fake bank accounts to obscure the transactions. Subsequently, international withdrawals were made using debit cards enabled for such transactions, and funds were siphoned out of the country through wallet top-ups on foreign fintech platforms, mainly “PYPL.” These transactions appeared as point-of-sale (POS) transactions in banking systems.
The CBI has identified Ashok Kumar Sharma, a chartered accountant residing in Bijwasan village near the Delhi-Gurugram border, as the mastermind behind this syndicate. He is allegedly involved in the misappropriation of hundreds of crores of rupees through this network of fake accounts and foreign financial channels. A portion of the fraudulently obtained money was also converted into cryptocurrency.
Further investigations have uncovered another significant branch of the network, with Sharma suspected of defrauding nearly 900 crores in the past year alone. The illicit funds were consolidated into accounts linked to 15 fake companies and transferred through two entities.
The investigation revealed that these entities converted the funds received via India-based virtual asset exchanges into USDT and transferred the cryptocurrency to their whitelisted wallets.
Previously, in September 2025, the CBI had frozen the bank accounts used by these entities and the funds deposited within them. Searches were also conducted at the residential premises of the directors and the offices of these entities.
During the raids, incriminating documents and digital evidence related to the syndicate’s operations were seized. It was also discovered that several unsuspecting individuals had been fraudulently appointed as directors of fake companies, using forged documents for their incorporation. Ashok Sharma is currently in custody and being interrogated. The CBI is actively working to identify and arrest a foreign national involved in the case. Efforts are also underway to trace and seize the proceeds of crime sent through domestic and international financial systems.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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