CBI raids 15 locations in Rs 900-crore online fraud linked to overseas fintech

The Central Bureau of Investigation (CBI) has conducted raids at 15 locations across Delhi, Uttar Pradesh, Rajasthan, and Punjab in connection with a large-scale organised cyber fraud linked to the Dubai-based fintech platform, Pyypl .

The probe, initiated after a referral from the Union home ministry’s anti-cyber crime wing, Indian Cybercrime Coordination Centre( I4C), targets Ashok Kumar Sharma , a chartered accountant and alleged mastermind of the operation, who was recently arrested by the Enforcement Directorate (ED) . Sharma is said to have orchestrated the scam from his office in Bijwasan on the Delhi-Gurugram border , giving rise to the moniker “Bijwasan Group.”

Investigators revealed that the gang defrauded nearly Rs 900 crore last year by using shell companies and mule bank accounts to launder the money. The syndicate allegedly relied heavily on social media, mobile apps, and encrypted messaging platforms to lure victims through fake investment schemes and part-time job opportunities , promising high returns. Victims were first asked to deposit small amounts and shown fictitious profits to build trust, before being persuaded to invest larger sums.

The misappropriated funds were routed through multiple mule accounts, withdrawn via offshore ATMs, and topped up on international fintech wallets , predominantly using Pyypl , with transactions processed through Visa and MasterCard networks. These were disguised as Point-of-Sale (POS) activities to obscure the trail.

“The CBI’s coordinated raids across multiple states are part of a larger effort to dismantle the transnational network operating under the Bijwasan Group,” an agency spokesperson said. The CBI is now seeking custody of Sharma to interrogate him and unravel the full extent of the organised cyber fraud.