CBI raids 15 locations across multiple states in online fraud linked to overseas fintech platform

Mangalore Today News Network

New Delhi, Mar 12, 2026: The Central Bureau of Investigation (CBI) has conducted searches at 15 locations across multiple states in connection with a large-scale online financial fraud involving the overseas fintech platform Pyypl, officials said on Thursday.

The agency is seeking custody of the alleged kingpin of the gang, Ashok Kumar Sharma, a chartered accountant who was recently arrested by the Enforcement Directorate (ED).

The case was referred to the CBI by the Union Home Ministry’s anti-cyber crime wing, the Indian Cyber Crime Coordination Centre (I4C). Following the referral, the CBI registered a case and carried out searches on Wednesday at locations in Delhi, Uttar Pradesh, Rajasthan and Punjab.

Investigators said Sharma allegedly operated a large organised scam involving fraudulent investment schemes, cyber fraud, illicit cryptocurrency transactions and part-time job scams. The operations were run from his office in Bijwasan on the Delhi–Gurugram border, which investigators referred to as the “Bijwasan Group”.

According to the agency, the gang defrauded victims of around ₹900 crore last year alone. The proceeds were allegedly routed and laundered through a network of at least 15 shell companies identified so far.

“The CBI conducted coordinated searches at 15 locations across Delhi, Rajasthan, Uttar Pradesh and Punjab in connection with a case related to large-scale organised online investment and part-time job fraud involving offshore withdrawals and overseas fintech platforms, predominantly the Dubai-based ‘Pyypl’,” an agency spokesperson said.

She said thousands of unsuspecting Indian citizens were allegedly cheated of crores of rupees through deceptive online schemes run by an organised transnational fraud syndicate.

The investigation revealed that the network used social media platforms, mobile applications and encrypted messaging services to lure victims with promises of high returns from online investments and part-time job opportunities.

Victims were initially persuaded to deposit small amounts and shown fictitious profits to gain their trust, after which they were encouraged to invest larger sums.

The defrauded money was routed through multiple mule bank accounts to conceal the trail and later siphoned off through offshore ATM withdrawals using debit cards enabled for international transactions.

Funds were also diverted through wallet top-ups on overseas fintech platforms, predominantly Pyypl, using Visa and MasterCard payment networks. These transactions appeared as Point-of-Sale (POS) transactions in banking systems, the agency said.