The Central Bureau of Investigation Raids in Connection with Cyber-Enabled Financial Frauds
The Central Bureau of Investigation (CBI) conducted raids at 10 locations in New Delhi and adjoining areas in connection with its ongoing investigation into transnational cyber-enabled financial frauds involving Rs 117 crore. The central agency’s probe centres on large-scale financial scams orchestrated through digital platforms, targeting several people across the country.
The case, registered under sections 403 and 420 of the Indian Penal Code and Section 66D of the Information Technology Act, 2000, is based on a complaint received from the Union Home Ministry’s Cyber Crime Coordination Centre (I4C). The complaint alleged that organised cybercriminals, including suspected foreign entities, were systematically defrauding people through online schemes.
The investigation revealed that fraudsters, operating from abroad, used digital platforms such as websites, WhatsApp, and Telegram to execute scams. These schemes involved luring victims with promises of part-time jobs, task-based rewards, or high returns on initial investments.
Analysis of 3,903 complaints filed on the National Cybercrime Reporting Portal (NCRP) between January 1, 2023, and October 17, 2023, revealed that fraudsters had misappropriated approximately Rs 117 crore. These funds were predominantly withdrawn in Dubai and other parts of the UAE.
Raids and Seizures
During the searches conducted at 10 locations in Delhi and 2 in Gurugram, the CBI seized electronic devices, financial records, and other incriminating evidence from the premises of 10 suspects allegedly involved in the syndicate. The agency said it will continue its efforts to identify additional members of the network and trace the entire flow of illicit funds.
Public Caution
Meanwhile, the CBI has issued a caution to the public, urging vigilance when dealing with online offers, especially those promising quick earnings or lucrative returns.
Conclusion
In conclusion, the CBI’s investigation into cyber-enabled financial frauds sheds light on the sophisticated tactics used by fraudsters to deceive individuals. The agency’s efforts to uncover and dismantle such criminal networks are crucial in safeguarding the public from online scams.
FAQs
1. What was the total amount involved in the cyber-enabled financial frauds investigated by the CBI?
The total amount involved in the frauds investigated by the CBI was Rs 117 crore.
2. Which sections of the Indian Penal Code and the Information Technology Act were the cases registered under?
The cases were registered under sections 403 and 420 of the Indian Penal Code and Section 66D of the Information Technology Act, 2000.
3. How did the fraudsters lure victims into their scams?
The fraudsters lured victims through promises of part-time jobs, task-based rewards, and high returns on initial investments.
4. Where were the siphoned funds predominantly withdrawn?
The siphoned funds were predominantly withdrawn in Dubai and other parts of the UAE.
5. What caution did the CBI issue to the public?
The CBI issued a caution to the public, urging vigilance when dealing with online offers, especially those promising quick earnings or lucrative returns.
6. How many complaints were analyzed on the National Cybercrime Reporting Portal?
A total of 3,903 complaints were analyzed on the National Cybercrime Reporting Portal.
7. What type of financial records were seized during the raids?
During the raids, the CBI seized electronic devices, financial records, and other incriminating evidence.
8. How did the fraudsters channel the misappropriated funds?
The fraudsters channeled the misappropriated funds through Indian bank accounts, which were reportedly used to purchase cryptocurrencies.
9. What platforms did the fraudsters use to execute their scams?
The fraudsters used digital platforms such as websites, WhatsApp, and Telegram to execute their scams.
10. What was the role of the Union Home Ministry’s Cyber Crime Coordination Centre in the investigation?
The investigation was based on a complaint received from the Union Home Ministry’s Cyber Crime Coordination Centre, highlighting the systematic defrauding of individuals through online schemes.