CBI Conducts Searches Across Delhi NCR in ₹117 Crore Cyber Fraud Case
New Delhi, December 07,2024: The Central Bureau of Investigation (CBI) today conducted searches at 10 locations in Delhi and the National Capital Region (NCR) as part of its investigation into a transnational cyber-enabled fraud case involving financial scams worth ₹117 crore.
The case was registered by the CBI under Sections 403 and 420 of the Indian Penal Code (IPC) and Section 66D of the Information Technology Act, 2000, following a complaint from the Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs. The complaint alleged that an organized syndicate of cybercriminals, including suspected foreign operatives, was systematically defrauding individuals across India.
Modus Operandi of the Fraud
According to the investigation, the fraudsters used digital platforms such as websites, WhatsApp, and Telegram to target victims, particularly those seeking part-time job opportunities or quick investment returns. Victims were lured into task-based scams or fraudulent investment schemes promising lucrative returns.
Once the victims deposited money, the funds were swiftly transferred through a complex network of “mule accounts” to obscure the origin of transactions. The laundered funds were eventually withdrawn overseas, primarily in Dubai and other UAE locations, through ATMs or used for wallet top-ups on fintech platforms like “Pyypl.” These transactions were disguised as point-of-sale (POS) payments using international payment networks.
The CBI’s analysis of 3,903 complaints filed on the National Cybercrime Reporting Portal (NCRP) between January 1, 2023, and October 17, 2023, uncovered the scale of the fraud. The investigation revealed that the syndicate had siphoned off approximately ₹117 crore. A total of 3,295 Indian bank accounts were identified as being used in these fraudulent transactions, with some of the proceeds also being converted into cryptocurrencies to further obscure the money trail.
Search Operations and Seizures
In a coordinated operation, the CBI conducted raids at the residences and offices of 10 individuals suspected of involvement in the scam. The searches led to the seizure of electronic devices, financial records, and other incriminating evidence crucial to the investigation. The suspects are believed to be key operatives in the cybercrime network.
Impact and Warning
The scale of this fraud highlights the vulnerabilities exploited by cybercriminals, particularly in the digital and fintech ecosystems. The involvement of foreign actors and the use of cryptocurrencies have added layers of complexity to the investigation.
The CBI has urged the public to exercise caution while interacting with offers on digital platforms. Citizens are advised to be wary of schemes that promise quick earnings, easy returns, or task-based rewards. The agency has emphasized the importance of verifying the authenticity of such offers and promptly reporting any suspicious activities to law enforcement agencies.
Next Steps
The investigation is ongoing, with the CBI focusing on identifying additional members of the syndicate, tracing the complete flow of illicit funds, and dismantling the broader network involved in this transnational cybercrime. The agency is also coordinating with international law enforcement agencies to track the overseas elements of the scam.
This case underscores the growing threat of cyber-enabled financial frauds and the need for robust measures to safeguard citizens and the digital ecosystem.
