India News : The Central Bureau of Investigation (CBI) has arrested chartered accountant Ashok Kumar from Gurugram for allegedly masterminding a ₹900 crore fraud carried out under the guise of part-time jobs and investment opportunities.
According to investigators, the accused used the Dubai-based fintech platform Pyypl to facilitate the scam and move money through complex financial channels.
Fraud Uncovered After Government Tip-Off
The CBI registered a case based on information received from India’s Ministry of Home Affairs. Following the FIR, the agency conducted raids at 15 locations across Delhi, Rajasthan, Uttar Pradesh, and Punjab.
Investigators found that the accused and his associates created fake companies and lured people with offers of lucrative part-time jobs and high-return investment schemes. Fabricated profit data was uploaded on websites to make the schemes appear legitimate.
Use of Mule Accounts and Shell Companies
To hide the trail of the fraud money, the gang allegedly used mule bank accounts. The funds were then routed through technology platforms based in Dubai and transferred to shell companies.
During the investigation, officials discovered that the proceeds of the fraud were converted into USDT (a cryptocurrency) through virtual asset exchanges and transferred to digital wallets controlled by the accused.
Accounts Frozen, Foreign Links Suspected
The CBI has frozen several bank accounts linked to the shell companies involved in the fraud. Authorities also suspect the involvement of foreign nationals in the scam.
People Made Directors Without Their Knowledge
Search operations and questioning revealed that several individuals were fraudulently listed as directors of shell companies. Their identity documents were allegedly collected under various pretexts and used to run the fraudulent operations.
The CBI is currently interrogating Ashok Kumar to uncover the wider network involved in the scam and track the remaining funds.
