The Central Bureau of Investigation (CBI) conducted raids across seven states, including Rajasthan, in a case involving cyber fraud through luring victims into cryptocurrency transactions and digital currency Ponzi schemes.
The CBI searched 10 locations in Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu, and Rajasthan, targeting seven individuals. A search was also conducted in Chittorgarh (Rajasthan), while other actions took place in Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, and Pudukkottai. A CBI press release stated that a case has been registered against seven accused operating a cybercrime module. The CBI seized ₹34.20 lakh and US$38,414 during the operation. The accused defrauded victims of crores by enticing them with online loans, online lucky draws, UPI fraud, and internet banking scams.
The accused lured people into Ponzi schemes through various social media groups. Analysis of bank transactions and cryptocurrency wallets revealed that the money obtained from these schemes was being converted into cryptocurrency to conceal its source.
During the searches at 10 locations, the CBI recovered ₹34.20 lakh, seven mobile phones, one laptop, one tablet, three hard disks, 10 pen drives, memory cards, SIM cards, debit and ATM cards, email accounts, and several incriminating documents, including significant digital evidence. Approximately US$38,414 worth of assets were seized from the accused's cryptocurrency wallets and digitally secured for investigation. The accused have multiple bank accounts and virtual digital asset wallets on cryptocurrency exchanges. Transactions exceeding ₹350 crore were conducted through these accounts and wallets over two years.
The CBI investigation revealed that the accused possessed multiple bank accounts and virtual digital asset (VDA) wallets with cryptocurrency exchanges such as CoinDCX, WazirX, Zebpay, and BitBns. They used these for fraudulent transactions.
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