CBI’s Operation Chakra-2 uncovers elaborate online investment scams worth crores, involving foreign criminals and fraud networks.
Certainly, in a more humanized way, the Central Bureau of Investigation (CBI) in India recently conducted a significant operation known as Chakra-II, targeting cyber-enabled financial crimes. This operation has resulted in success in two important cases. Let’s take a closer look at these cases.
♦️ #CBI to crack its whip on MONEY LAUNDERING and cyber frauds with connection to Chinese 🇨🇳national
🛑 Operation Chakra-2
♦️A Bengaluru man linked to a Chinese national was running 16 Bank accounts and funnelled Rs 357 CRORES
♦️This scam encompassed various aspects,… pic.twitter.com/BWbIPmiGro
— THE SQUADRON (@THE_SQUADR0N) October 21, 2023
Case 1: Foreign Scamsters’ Fraud Scheme
In 2022, the CBI initiated an investigation into a sophisticated and organized cybercrime scheme targeting Indian citizens. This scheme involved foreign scamsters who pretended to offer investment opportunities, loans, and job prospects. They used various methods, including social media, encrypted chat apps, and SMS, to lure victims into part-time job offers through Ponzi schemes and multi-level marketing initiatives. To avoid detection, they used a complex system involving UPI accounts, cryptocurrencies, and international money transfers. They even used a popular search engine’s advertising tool and fake headers to send bulk SMS, creating an intricate web of deception.
Victims were enticed to deposit money through UPI accounts, hoping for high returns. The ill-gotten funds were then laundered through a network of UPI accounts, eventually ending up as cryptocurrency or gold purchases using falsified information.
The CBI uncovered 137 shell companies involved in fraudulent activities, many of which were registered in Bangalore. Intensive field investigations led to the identification of the company directors, most of whom were based in Bangalore. These directors were also linked to a payout merchant in Bangalore who played a central role in the fraudulent operation, controlling around 16 different bank accounts where approximately Rs. 357 crores were funnelled.
The funds were intentionally distributed across various accounts to obscure their origin. Searches conducted in Bangalore, Cochin, and Gurgaon yielded substantial evidence, shedding light on the alleged activities of the shell company directors and their associates.
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Additionally, the CBI discovered the involvement of a foreign national and identified the role of two chartered accountants from Bangalore in altering directorships and contact information for these fraudulent entities. Searches at their premises revealed critical documents, email communications, and WhatsApp chats, providing insights into their involvement in facilitating the foreign national’s participation in these operations.
Operation Chakra 2: CBI Unearths International Online Investment Fraud Worth Hundreds of Crores; Syndicate Targeting Indian, Singaporean Citizens#OperationChakra #CBI #OnlineFraud https://t.co/fxEobFb56L
— LatestLY (@latestly) October 20, 2023
Read more:-Life Cycle of an Online Card Payment
Case 2: Cyber Frauds Targeting Singapore Citizens
The second case focused on cyber-enabled financial crimes targeting Singaporean citizens. The CBI received information from the Singapore Police Force via INTERPOL, indicating over 300 cyber-enabled frauds against Singaporean citizens, involving more than 100 Indian bank accounts across ten different states and union territories. These criminals employed various cyber techniques, including phishing, vishing, smishing, and fraudulent tech support, to target over 400 Singaporean citizens.
After registering the case, the CBI uncovered a vast cyber fraud network targeting Singapore nationals. The accused used a variety of cyber techniques to manipulate victims into transferring funds from Singaporean accounts to various Indian accounts. The fraudulently obtained funds were then distributed among other accounts or withdrawn by cybercriminals.
Extensive efforts were made to analyze around 150 bank accounts and identify leads in the money trail. A complex network of interconnected entities was reconstructed based on financial communications.
Searches at the premises of the accused in 35 locations across India, including cities like Patna, Kolkata, Lucknow, Varanasi, Chandigarh, Jalandhar, Bhopal, Chennai, Kochi, and Madurai, led to the recovery of incriminating documents related to identity proofs, fraudulent banking transactions, and other crucial evidence. The operation exposed multiple gangs involved in targeting Singaporean nationals, and their identities were discovered during the investigation.
These cases represent a significant effort by the CBI to combat cyber-enabled financial crimes and bring the perpetrators to justice. The investigations are ongoing as authorities work to uncover the full extent of these fraudulent operations.
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