The Central Bureau of Investigation (CBI) in India has uncovered a sophisticated network of 137 shell companies that defrauded Indian citizens of a significant amount of money. The fraudsters lured victims with promises of jobs, loans, and attractive returns in Ponzi schemes. To facilitate this scam, they utilized a complex web of Unified Payments Interface (UPI) accounts, cryptocurrency, and international money transfers.
The investigation began in 2022, and it was part of the CBI’s Operation Chakra-II. The scammers used various tactics, including social media platforms, advertisement portals, encrypted chat applications, and SMS messages, to entice victims. Many of these victims were promised high returns through Ponzi schemes. The money was then laundered through a network of UPI accounts and eventually converted into cryptocurrency or used to purchase gold using falsified credentials.
A significant number of these shell companies were registered with the Registrar of Companies in Bengaluru. Some of the directors of these companies were linked to a Bengaluru-based payout merchant. This merchant controlled around 16 bank accounts where ₹357 crore was funneled, with the money then being transferred to various accounts.
The investigation also uncovered a foreign link to the scam. Searches at the premises of two shell companies in Bengaluru revealed documents, email communications, and WhatsApp chats indicating their involvement in facilitating the participation of a foreign national in the fraud. The CBI is continuing its investigation into the case.
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