CBI has conducted simultaneous raids in several states of the country on Thursday (12 March 2026) in a major transnational online fraud case. This action was taken at a total of 15 locations in Delhi, Rajasthan, Uttar Pradesh and Punjab. According to the investigating agency, this case is related to fraud in the name of online investment and part-time jobs, in which a gang based in Dubai defrauded thousands of Indians of crores of rupees.
This case was registered on the basis of information received from the Indian Cyber Crime Coordination Center (I4C) working under the Home Ministry. Initial investigation revealed that an organized international gang used to trap people using social media, mobile apps and encrypted messaging platforms.
How did the accused implicate people?
According to CBI, the accused earlier used to contact people in the name of online investment or part-time job. Initially, small amounts were deposited from the victims and they were assured by showing fake profits. When the trust of the victim was built, they were asked to invest a huge amount. After this, the accused would disappear with the money. Investigation revealed that the amount obtained through fraud was immediately transferred to several fake bank accounts so that the trail of money could be hidden. After this, this money was sent abroad through ATM withdrawal or through wallet top-up in platforms like Dubai-based fintech company “Pyypl”. These transactions appeared in the banking system as POS transactions, which did not immediately raise suspicion. Visa and MasterCard networks were used in these transactions.
What was found in the CBI investigation?
In the CBI investigation, chartered accountant Ashok Kumar Sharma, living in Bijwasan village near Delhi-Gurugram border, has emerged as the main accused of this entire network. The agency alleges that he along with his associates embezzled hundreds of crores of rupees through fake accounts and foreign financial channels. Investigation has also revealed that in the last one year alone, about Rs 900 crore was sent out through this network. The money collected fraudulently was deposited in the accounts of 15 shell companies through which further funds were transferred.
way to hide money
According to CBI, this gang also used cryptocurrency to hide the money. Investigation revealed that through these companies, money was converted into cryptocurrency on India’s virtual asset exchange and then transferred to white-listed wallets. The investigating agency had frozen many bank accounts related to these companies in September 2025 itself and had also confiscated the money present in them. The latest raids were conducted in the homes and offices of the directors of these companies.
Many important documents found during the search
According to CBI, many important documents and digital evidence have been recovered during the search. The investigation also revealed that many people were made directors of shell companies without their knowledge and fake documents were used to form the company. CBI said that Ashok Sharma is being detained and interrogated. The agency is now searching for other accused associated with this network, in which some foreign nationals may also be included. CBI says that the investigation is still going on and the agency is trying to trace and freeze the fraud money sent through financial networks in the country and abroad.
