New Delhi, The Central Bureau of Investigation (CBI) has conducted searches at 15 locations across multiple states in connection with a large-scale online financial fraud involving overseas fintech platform 'Pyypl', officials said Thursday.
The CBI is now seeking custody of the alleged kingpin of the gang, Ashok Kumar Sharma, a chartered accountant, who was recently arrested by the Enforcement Directorate.
According to investigators, Sharma was allegedly running a large-scale organised scam involving fraudulent investment schemes, cyber fraud, and illicit cryptocurrency transactions, and part-time job fraud involving offshore withdrawals and overseas fintech platforms from his office in Bijwasan on the Delhi-Gurugram border.
The gang allegedly defrauded victims of ₹900 crore last year alone. The proceeds were routed and laundered through a network of 15 shell companies identified so far, the agency said.
The probe revealed that the network used social media platforms, mobile applications and encrypted messaging services to lure victims with promises of high returns from online investments and part-time job opportunities.
The defrauded money was then routed through multiple mule bank accounts to conceal the trail and later siphoned off through offshore ATM withdrawals using debit cards enabled for international transactions.
