New Delhi: The Central Bureau of Investigation (CBI) has dismantled a massive international cyber fraud syndicate that siphoned off more than ₹1,000 crore from unsuspecting victims across India by exploiting fake investment schemes, fraudulent job offers, and deceptive online platforms. The agency has filed a chargesheet against 17 accused, including four foreign nationals and 58 companies, exposing one of the largest technology-driven financial fraud networks uncovered in recent years.
According to investigators, the racket preyed on thousands of people using misleading loan offers, bogus investment opportunities, false part-time employment advertisements, and fraudulent online gaming and trading applications. The schemes were largely operated in the guise of Ponzi and Multi-Level Marketing (MLM) models, promising quick and unrealistic returns to lure victims into repeated payments.
The case was registered after the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs, alerted the CBI to a sharp rise in similar online fraud complaints. While the initial reports appeared to be isolated incidents, a detailed analysis of mobile applications, digital footprints, payment gateways, and fund-transfer patterns revealed a single, well-organized network operating across state and national boundaries.
Investigators found that the syndicate used a sophisticated and multi-layered modus operandi, relying heavily on digital tools to evade detection. These included Google advertisements to attract victims, bulk SMS campaigns routed through SIM-box systems, cloud-based servers, fintech platforms, and an extensive web of mule bank accounts to obscure the flow of money and the identities of the masterminds.
At the heart of the operation were 111 shell companies, allegedly floated using fake directors, forged identity documents, fabricated addresses, and falsified business activities. These entities were primarily used to open bank accounts and obtain payment gateways, which then served as conduits for laundering the fraud proceeds. The investigation revealed that more than ₹1,000 crore was routed through hundreds of such accounts, with a single account receiving over ₹152 crore in a short span.
The CBI conducted coordinated searches at 27 locations across Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Jharkhand, and Haryana. During these raids, officials seized digital devices, financial records, and incriminating documents. Forensic analysis of the seized material confirmed that the network was being remotely controlled by foreign nationals operating from outside India.
In a key finding, investigators discovered that a UPI ID linked to two Indian accused remained active from a foreign location as recently as August 2025, indicating real-time overseas supervision of the fraudulent operations. The foreign handlers have been identified as Zou Yi, Huan Liu, Weijian Liu, and Guanhua Wang, who allegedly orchestrated the creation and management of shell companies in India beginning in 2020.
Three of the main accused were arrested earlier in October, and further legal action is underway as the agency continues to trace additional money trails and beneficiaries. The crackdown forms part of the CBI’s ongoing Operation CHAKRA-V, a nationwide initiative aimed at combating organised cyber-enabled economic crimes and dismantling international fraud networks operating within the country.