The dismantling of a virtual asset and bullion-supported cybercrime network in India has been a significant breakthrough, thanks to the collaborative efforts of the Central Bureau of Investigation (CBI) and the U.S. Federal Bureau of Investigation (FBI). The network, which has been operating since 2022, was involved in various cybercrimes, including fraud, extortion, and money laundering against victims globally.
Following a tip-off from the FBI, the CBI successfully arrested one of the key members of the cybercrime syndicate, Vishnu Rathi, in Mumbai. The operation involved intensive investigations and raids, leading to the seizure of 57 gold bars, Rs 16 lakh in cash, mobile phones, laptops, and other incriminating materials used in the cybercrime activities.
The cybercrime network utilized social engineering and phishing tactics to gain unauthorized access to victims’ bank accounts and computers. By convincing victims that their accounts were compromised, the syndicate manipulated them into transferring funds to their cryptocurrency wallets under the guise of protecting their money. One victim from the U.S. fell prey to their scheme and lost USD 453,953 (approximately Rs 3.81 crore) in the process.
Upon receiving a complaint from the defrauded woman, the FBI and CBI launched a joint operation through Interpol channels. The CBI’s International Operations Division initiated a thorough investigation into the syndicate’s activities by filing a case against Rathi and his associates. Raids conducted in Mumbai and Kolkata unearthed a complex network of financial transactions involving virtual assets and bullion linked to Rathi.
Rathi has been charged under various sections of the Indian Penal Code (IPC) and IT Act, including cheating and impersonation using a computer or communication device. The ongoing investigations aim to identify additional victims and track the flow of stolen funds to ensure justice is served.
The CBI continues its relentless efforts to unravel the intricate web of the cybercrime network, with further arrests and prosecutions anticipated in the future. The agency remains committed to identifying all victims impacted by the syndicate’s activities and recovering the stolen proceeds. The collaborative approach taken by law enforcement agencies highlights the importance of international cooperation in combating cybercrimes on a global scale.