CBI Searches In Pyypl Fraud Case Across Four States
- CBI probes transnational online investment fraud linked to Pyypl
- Ashok Kumar Sharma identified as key accused in Pyypl fraud case
The Central Bureau of Investigation (CBI) carried out coordinated searches at 15 locations across Delhi, Rajasthan, Uttar Pradesh, and Punjab in connection with a large-scale organised online investment and part-time job fraud. The case involves offshore withdrawals and overseas fintech platforms, mainly the Dubai-based “Pyypl”.
The CBI registered the case based on inputs received from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs, Government of India. Investigators alleged that an organised transnational fraud syndicate cheated thousands of unsuspecting Indian citizens of crores of rupees through deceptive online schemes.
According to investigators, the network used social media platforms, mobile applications, and encrypted messaging services to attract victims. The accused promised high returns from online investments and part-time job opportunities. Initially, victims deposited small amounts and were shown fictitious profits to gain their trust. Later, they were persuaded to invest larger sums.
However, once the money was collected, the defrauded funds were quickly transferred through multiple mule bank accounts to hide the money trail. Investigators said the funds were then siphoned off through offshore ATM withdrawals using debit cards enabled for international transactions. The money was also routed through wallet top-ups on overseas fintech platforms, predominantly “Paypal”, using Visa and MasterCard payment networks. In banking systems, these transactions appeared as Point-of-Sale (POS) transactions.
The investigation identified Ashok Kumar Sharma, a Chartered Accountant based in village Bijwasan on the Delhi-Gurugram border, among others, as the kingpin of the syndicate allegedly involved in siphoning off hundreds of crores of rupees through mule accounts and overseas financial channels. Officials also found that part of the proceeds of crime was converted into cryptocurrency.
Further investigation revealed another major branch of the network. In this branch, Ashok Kumar Sharma is suspected to have siphoned off approximately 900 crore during the past year alone. The defrauded funds were consolidated into accounts linked to 15 shell companies and routed through two entities.
Investigators also found that these entities converted the proceeds into USDT through India-based virtual asset exchanges and transferred the cryptocurrency to their white-listed wallets.
Earlier, in September 2025, the CBI froze the bank accounts used by the entities along with the funds lying in them. Officials conducted searches at the residential premises of the directors and the official premises of the entities.
During the searches, investigators recovered incriminating documents and digital evidence related to the operations of the syndicate. Officials also found that several unsuspecting individuals had been deceitfully appointed as directors of shell companies and that fraudulently obtained documentation was used for their incorporation.
Authorities said custody of Ashok Sharma is being taken for custodial interrogation. Meanwhile, the CBI continues to pursue further leads to identify and apprehend other accused persons, including foreign nationals, and to trace and freeze the proceeds of crime routed through domestic and international financial systems.
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