The Central Bureau of Investigation (CBI) has exposed a massive cryptocurrency fraud during its anti-cybercrime drive, Operation Chakra-V. Searches were carried out at seven locations in Delhi NCR, Hyderabad, and Bengaluru, leading to the recovery of crucial digital evidence and financial records. The case The fraud case is registered under charges of criminal conspiracy, impersonation, and fraud, along with violations of the IT Act. Investigators revealed that foreign masterminds, with the help of Indian nationals, ran an elaborate scam worth hundreds of crores. How the scam worked Between 2021 and 2023, scammers tricked people through fake loan, job, investment, and crypto schemes. They created shell companies to open fake bank accounts, where victims’ money was collected. These funds were then converted into cryptocurrencies and transferred abroad using complex financial channels to hide the illegal trail. Shell companies crypto transfers The probe shows that several shell firms were set up in India on instructions from overseas handlers. These companies used fintech and payment aggregator platforms to move public money, later converting it into crypto and transferring it across borders to crypto wallets. Arrests ongoing probe The CBI has arrested five individuals directly involved in the fraud. They have been presented before court, while the agency continues to follow financial trails to uncover more players and the full scale of the conspiracy. CBI’s stand The agency has reiterated its commitment to fight cyber-enabled financial crimes using advanced digital forensics, intelligence sharing, and strong inter-agency coordination to dismantle such global fraud networks.
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