New Delhi, 12 March (H.S.): The Central Bureau of Investigation (CBI) conducted raids at 15 locations across Delhi, Rajasthan, Uttar Pradesh, and Punjab today, unraveling a massive international online fraud involving the Dubai-based fintech platform Pyypl (PYYPL).

Acting on inputs from the Ministry of Home Affairs' Indian Cyber Crime Coordination Centre (I4C), the CBI registered a case against an organized transnational syndicate that allegedly defrauded thousands of Indians through fake investment schemes and part-time job scams.

The network lured victims via social media, mobile apps, and encrypted messaging, promising high returns on small initial investments before inducing larger sums with fabricated profits.

Proceeds were swiftly routed through mule bank accounts, then laundered via international ATM withdrawals, wallet top-ups on platforms like Pyypl, and disguised as point-of-sale transactions.

Investigators identified Delhi-Gurugram border's Bijwasan-based chartered accountant Ashok Kumar Sharma as the kingpin, who channeled nearly ₹900 crore last year through 15 shell companies to two entities, converting funds to USDT via Indian virtual asset exchanges for whitelisted wallets.

CBI froze the entities' accounts in September 2025 and seized incriminating documents and digital evidence during searches, revealing innocent individuals duped into directorships with forged papers. Sharma has been taken into custody for interrogation, with probes ongoing to nab other culprits, including foreigners, and freeze laundered proceeds across domestic and global channels.

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Hindusthan Samachar / Jun Sarkar