The North News
New Delhi, March 12
Punjab was among several states where the the Central Bureau of Investigation (CBI) carried out raids as part of a probe into a large-scale online financial fraud linked to an overseas fintech platform.
Officials from the CBI said searches were conducted at 15 locations across Delhi, Uttar Pradesh, Rajasthan and Punjab.
The investigation centres on alleged fraudulent schemes involving investments, part-time job offers and illicit cryptocurrency transactions connected to the Dubai-based fintech platform Pyypl.
The agency is seeking custody of the suspected kingpin, Ashok Kumar Sharma, who was recently arrested by the Enforcement Directorate.
The CBI officials said that Sharma allegedly ran the operation from an office in Bijwasan on the Delhi-Gurugram border, where the network became known as the “Bijwasan Group”.
The case was referred to the CBI by the government’s cybercrime coordination unit, the Indian Cyber Crime Coordination Centre, under the Ministry of Home Affairs.
Investigators believe the group defrauded victims of around ₹900 crore in 2025 alone. The proceeds were allegedly routed through a network of at least 15 shell companies to conceal the origin of the funds.
According to the CBI, thousands of people across India were lured through social media platforms, mobile applications and encrypted messaging services with promises of high returns from online investments and part-time job opportunities.
Victims were initially persuaded to deposit small amounts and shown fake profits to gain their trust before being encouraged to invest larger sums.
Officials say the money was then transferred through multiple bank accounts to hide the trail and later withdrawn overseas using debit cards enabled for international transactions.
Some funds were also routed through wallet top-ups on overseas fintech platforms, mainly Pyypl, using international payment networks such as Visa and MasterCard, which appeared in banking systems as point-of-sale transactions.
With PTI Inputs
