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Transnational fintech fraud: CBI raids multiple spots in UP, three other states
Probe into ₹900 cr racket targets Dubai-based Pyypl platform; UP residents linked to syndicate siphoned off crores
The Central Bureau of Investigation (CBI) conducted coordinated searches across Uttar Pradesh, Delhi, Rajasthan, and Punjab in connection with a massive transnational online fraud case involving the Dubai-based fintech platform “Pyypl,” senior CBI officials said on Thursday while sharing a press note in this regard.
The officials said the syndicate allegedly defrauded thousands of Indians of hundreds of crores of rupees through deceptive investment schemes and part-time job offers.
According to CBI sources, the investigation revealed that the fraud network exploited social media, mobile applications, and encrypted messaging platforms to lure victims. Initially, victims were persuaded to deposit small amounts and shown fictitious profits to build trust. Later, they were induced to invest larger sums, which were quickly siphoned off through multiple mule accounts and routed to overseas fintech platforms, primarily Pyypl, using Visa and MasterCard networks. Some proceeds were also converted into cryptocurrency.
The probe, based on inputs from the Indian Cyber Crime Coordination Centre (I4C), ministry of home affairs, has identified Ashok Kumar Sharma, a chartered accountant based in Bijwasan, near Delhi-Gurugram, as the key orchestrator.
Investigators allege that Sharma, along with accomplices, siphoned off approximately ₹900 crore in the past year alone through 15 shell companies and multiple domestic and international financial channels.
In Uttar Pradesh, several locations were searched as part of the operation. Investigators recovered incriminating documents and digital evidence, including records showing that unsuspecting individuals were fraudulently appointed as directors of shell companies. These shell entities were reportedly used to launder money via domestic virtual asset exchanges, which were then transferred to white-listed cryptocurrency wallets abroad.
CBI said custodial interrogation of Ashok Kumar Sharma is underway, and the agency is actively tracing other accused, including foreign nationals, while freezing proceeds of crime routed through domestic and international financial systems.
Officials warned that online investment and part-time job schemes claiming high returns remain a key tactic for transnational fraud networks, and urged citizens to exercise caution while transacting through social media and fintech platforms.
