New Delhi, March 12 (NationPress) The Central Bureau of Investigation (CBI) has launched extensive searches at 15 different sites across Delhi, Rajasthan, Uttar Pradesh, and Punjab as part of an investigation into a significant online investment and part-time job scam, as reported in an official announcement on Thursday.

This fraudulent activity is connected to international withdrawals and external fintech services, primarily linked to the Dubai-based platform Pyypl.

The CBI initiated the case following information from the Indian Cyber Crime Coordination Centre (I4C) operating under the Ministry of Home Affairs.

As per the investigation, thousands of unaware Indian citizens were reportedly duped out of crores of rupees through misleading online investment schemes orchestrated by a well-organized transnational fraud ring.

The investigation has shown that the perpetrators exploited social media, mobile apps, and encrypted messaging platforms to entice victims with promises of high returns on investments and attractive part-time job offers.

"Initially, victims were convinced to deposit small amounts and shown fake profits to build trust. They were then encouraged to invest larger sums," the statement indicated.

The CBI noted that the stolen funds were funneled through numerous mule bank accounts to obscure the financial trail. The laundered money was withdrawn via offshore ATMs using debit cards authorized for international transactions and through wallet top-ups on foreign fintech platforms, especially Pyypl, utilizing Visa and MasterCard networks. In banking records, these transactions were labeled as Point-of-Sale (POS) transactions.

The agency has identified Ashok Kumar Sharma, a chartered accountant from Bijwasan on the Delhi-Gurugram border, as the suspected leader of the syndicate. He is believed to have embezzled hundreds of crores of rupees using a network of mule accounts and international financial routes. A portion of the funds was also converted into cryptocurrency.

Further investigations by the CBI have uncovered another significant branch of the operation, revealing that Sharma is suspected of diverting nearly Rs 900 crore in just the last year. The stolen funds were allegedly consolidated into accounts associated with 15 shell companies and funneled through two entities.

Officials found that these entities converted the proceeds into USDT via virtual asset exchanges in India and transferred the cryptocurrencies to their authorized wallets.

In September 2025, the CBI had previously frozen the bank accounts associated with these entities, along with the funds contained within. Searches were conducted at the homes of the directors and the official premises of these entities.

During these operations, investigators uncovered incriminating documents and digital evidence pertaining to the syndicate's activities. They also discovered that numerous unaware individuals had been fraudulently appointed as directors of shell companies using falsified documents.

The CBI has stated that Ashok Sharma is now in custody for interrogation. Ongoing investigations aim to identify and apprehend other suspects, including foreign nationals, and to trace and freeze the proceeds of crime that have been funneled through both domestic and international financial systems.