In one of the largest crackdowns on transnational cyber-enabled financial crimes, the Central Bureau of Investigation (CBI) has filed a chargesheet against 17 accused, including four Chinese nationals, and 58 companies for allegedly orchestrating a massive cyber fraud network that duped thousands of Indians through fake loan apps, investment schemes, and bogus job offers.
Officials said the case was registered after the Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) provided inputs about a surge in citizen complaints relating to fraudulent investment and employment apps. What initially appeared as isolated scams soon revealed, through forensic and payment trail analysis by the CBI, a common backbone linking dozens of applications and financial channels.
According to the agency, the investigation has revealed a “highly coordinated and technology-driven” network that built an extensive digital and financial infrastructure to conceal its operations.
“Using Google advertisements, bulk SMS campaigns, SIM-box messaging systems, fintech platforms, and multiple mule bank accounts, the syndicate allegedly lured victims into parting with their savings through misleading online schemes — from work-from-home offers to Ponzi-style investments and gaming apps,” a CBI spokesperson said.
“Probe has established that, from 2020 onwards, shell companies were incorporated in India at the instance of foreign handlers and their Indian associates procured identity documents from unsuspecting individuals and used them to incorporate companies and open bank accounts,” the spokesperson said.
“These entities were then systematically used to channel proceeds of cyber frauds, which were layered through multiple accounts and platforms to obscure the money trail and final beneficiaries.”
The CBI said the fraud network’s financial skeleton comprised 111 shell companies incorporated with forged identities, dummy directors, and bogus business declarations.
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“These entities opened scores of bank and merchant accounts to route and layer fraudulent proceeds. Investigators found that over Rs 1,000 crore had been moved through these channels, with one bank account alone receiving more than Rs 152 crore in a short period,” the spokesperson added.
Searches at 27 locations across Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Jharkhand, and Haryana led to the seizure of digital devices and financial records. Forensic analysis confirmed extensive communication links between Indian operatives and foreign handlers, identified as Chinese nationals Zou Yi, Huan Liu, Weijian Liu, and Guanhua Wang, who allegedly directed operations from overseas.
“During investigation, a UPI ID linked to two Indian accused remained active in a foreign location until August 2025, suggesting direct real-time control from abroad,” the spokesperson added.