The Central Bureau of Investigation (CBI) conducted searches at 15 locations across multiple states in a case of large-scale online financial fraud involving the overseas fintech platform Pyypl. Officials said the gang defrauded victims through fraudulent investment schemes and part-time job scams. The agency is now seeking custody of the alleged kingpin, Ashok Kumar Sharma.
New Delhi: The Central Bureau of Investigation carried out coordinated searches on Wednesday at 15 locations in Delhi, Uttar Pradesh, Rajasthan, and Punjab. The operation stemmed from a reference by the Union home ministry's anti-cyber crime wing I4C, after which the agency registered a case. Investigators are probing a syndicate allegedly led by chartered accountant Ashok Kumar Sharma, who was recently arrested by the Enforcement Directorate.
Sharma is said to have operated fraudulent investment schemes, cyber frauds, illicit cryptocurrency transactions, and part-time job scams from his office in Bijwasan on the Delhi-Gurugram border, dubbed the "Bijwasan Group." An agency spokesperson stated, "The CBI conducted coordinated searches at 15 locations across Delhi, Rajasthan, Uttar Pradesh and Punjab in connection with a case related to large-scale organised online investment and part-time job fraud involving offshore withdrawals and overseas fintech platforms, predominantly the Dubai-based 'Pyypl'."
The network allegedly cheated thousands of Indian citizens out of crores through deceptive online schemes. It used social media platforms, mobile applications, and encrypted messaging services to lure victims with promises of high returns on investments and job opportunities. Victims were first asked to deposit small amounts and shown fictitious profits to build trust, then encouraged to invest larger sums.
The defrauded amount, totaling ₹900 crore last year alone, was routed through multiple mule bank accounts and laundered via a network of 15 shell companies. Funds were siphoned off through offshore ATM withdrawals using debit cards enabled for international transactions. They were also diverted to wallet top-ups on platforms like Pyypl via Visa and MasterCard networks, appearing as point-of-sale transactions in banking systems.
