Development under its flagship Operation Chakra-V, the Central Bureau of Investigation (CBI) has executed a sweeping crackdown on a cyber-enabled financial fraud network, conducting simultaneous searches at 10 locations across Delhi, Hisar, Lucknow, Mumbai, Pune, and Nashik. The coordinated effort led to the arrest of a resident of Kalyan, Mumbai, who played a critical role in sustaining the racket by supplying pre-activated SIM cards and mule bank accounts.
The action marks another milestone in CBI’s sustained push to disrupt the infrastructure of organized cybercrime groups that exploit digital platforms to deceive unsuspecting individuals.
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Modus Operandi: How the Scam Worked
The case, as revealed by the agency, revolves around a sophisticated fraud model that utilized fraudulent mobile applications and WhatsApp groups to target and manipulate potential investors. Victims were lured with promises of discounted shares of reputed listed companies, presented in a convincingly authentic manner to generate trust.
Once the investors transferred their money in hopes of lucrative returns, the accused diverted the funds into multiple bank accounts—commonly referred to as “mule accounts”—operated under fake identities. The scam not only defrauded individuals of their savings but also raised concerns over the misuse of telecom and banking infrastructure in enabling such operations.
Digital Trail and Seizures Reveal Web of Deceit
According to the CBI, the arrest and the searches led to the recovery of substantial incriminating digital and documentary evidence. Seized materials include digital devices, forged documents, and financial transaction records that point to a well-organized syndicate. The Kalyan-based accused is suspected to have provided logistical support to fraudsters by arranging pre-activated SIM cards and enabling the creation of mule bank accounts—key tools used to execute and conceal financial fraud.
These findings expose how low-level enablers serve as essential cogs in the machinery of cybercrime, often linking back to larger international or inter-state operations.
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CBI’s Resolve: Operation Chakra-V Continues
Launched to tackle cyber-enabled financial crimes and their underlying networks, Operation Chakra-V has become the cornerstone of CBI’s proactive cyber enforcement strategy. With each phase of the operation, the agency has uncovered multiple rings operating across states, often involving a mix of technology misuse, identity theft, and social engineering tactics.
The agency affirmed that investigations are still underway, with more arrests likely as forensic analysis of digital evidence progresses. In a press note, the CBI emphasized its unwavering commitment to dismantling cybercrime syndicates, calling upon the public to remain cautious about investment schemes that appear too good to be true.
“Operation Chakra-V underscores the CBI’s unwavering commitment to dismantling cybercrime syndicates and infrastructure supporting commission of such offences,” the official statement read.