NEW DELHI — The Central Bureau of Investigation (CBI) launched a massive multi-state crackdown on Wednesday and Thursday, targeting a transnational cyber-fraud syndicate that allegedly defrauded Indian citizens of over ₹900 crore last year. The agency conducted coordinated searches at 15 locations across Delhi, Uttar Pradesh, Rajasthan, and Punjab, focusing on an organised network dubbed the “Bijwasan Group.”
The investigation centres on the misuse of the Dubai-based fintech platform ‘Pyypl’ and other overseas payment gateways to launder money stolen through fraudulent investment schemes and part-time job scams. The CBI is now moving to take custody of the alleged kingpin, Ashok Kumar Sharma—a Chartered Accountant who was recently apprehended by the Enforcement Directorate (ED). Operating from an office in Bijwasan on the Delhi-Gurugram border, Sharma reportedly managed a sophisticated operation involving cryptocurrency, shell companies, and illicit offshore withdrawals.
Modus Operandi: The Trust-and-Trap Scheme
According to CBI investigators, the syndicate employed a multi-layered approach to lure and exploit victims:
-
The Bait: Victims were contacted through social media, mobile apps, and encrypted messaging services with promises of high returns on online investments or lucrative part-time job opportunities.
-
The Hook: Initially, users were encouraged to deposit small amounts. The gang displayed fictitious profits on fake dashboards to build trust, eventually persuading victims to invest their life savings.
-
The Laundering: The stolen funds were funneled through at least 15 identified shell companies and a network of “mule” bank accounts.
-
The Exit: To conceal the money trail, the proceeds were siphoned off using international debit cards for offshore ATM withdrawals or topped up into overseas fintech wallets like ‘Pyypl’ via Visa and MasterCard networks. These appeared in banking records as legitimate Point-of-Sale (POS) transactions.
A Transnational Crackdown
The case was referred to the CBI by the Union Home Ministry’s Indian Cyber Crime Coordination Centre (I4C) following the staggering scale of the financial loss. The agency spokesperson confirmed that thousands of Indian citizens fell prey to this syndicate’s deceptive tactics.
The Bijwasan Group’s ability to manipulate international banking systems and offshore fintech platforms has highlighted a significant vulnerability in cross-border digital payments. As the CBI analyzes seized digital evidence and bank records from the 15 search locations, they expect to uncover more shell entities and potential collaborators both within India and abroad. The move to secure Ashok Kumar Sharma’s custody is expected to be a turning point in identifying the high-level beneficiaries of this ₹900 crore heist.
