The Central Bureau of Investigation (CBI) filed a chargesheet against 17 individuals, including four Chinese nationals and 58 companies, for orchestrating a transnational cyber fraud network. The accused allegedly operated a massive cyber fraud network that defrauded several Indians through fake loan apps, investment schemes, and bogus job offers.
The network is reported to have used 111 shell companies created with forged documents, fake directors and fake addresses to handle the illicit funds. The fraud targeted thousands of victims through Ponzi schemes and Multi-Level Marketing (MLM) models, along with fraudulent apps and job offers.
The probe uncovered the transfer of over ₹1,000 crore across hundreds of bank accounts, with a single account getting more than ₹152 crore in a short period.
The case was registered after the Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) provided information about an increase in complaints about fake investment and job apps. What appeared to be isolated scams was eventually revealed by the CBI's forensic and payment trail investigation as a shared backbone connecting dozens of applications and financial channels.
As per the agency, the inquiry uncovered a ‘highly coordinated and technology-driven’ network that used substantial digital and financial infrastructure to hide its operations.
“Using Google advertisements, bulk SMS campaigns, SIM-box messaging systems, fintech platforms, and multiple mule bank accounts, the syndicate allegedly lured victims into parting with their savings through misleading online schemes — from work-from-home offers to Ponzi-style investments and gaming apps,” a CBI spokesperson was quoted as saying by The Indian Express.
“Probe has established that, from 2020 onwards, shell companies were incorporated in India at the instance of foreign handlers and their Indian associates procured identity documents from unsuspecting individuals and used them to incorporate companies and open bank accounts. These entities were then systematically used to channel proceeds of cyber frauds, which were layered through multiple accounts and platforms to obscure the money trail and final beneficiaries,” it added.
Reportedly, searches in 27 locations throughout Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Jharkhand, and Haryana resulted in the seizure of digital devices and financial documents.
A UPI ID linked to two Indian suspects remained active from a foreign location until August 2025, indicating real-time overseas supervision.
As per the forensic investigation, substantial communication ties between Indian operatives and their foreign handlers were revealed, identified as Chinese nationals Zou Yi, Huan Liu, Weijian Liu, and Guanhua Wang, who reportedly controlled operations from outside.
CNBC TV18 
