The Central Bureau of Investigation (CBI) has launched a major investigation into an alleged Rs. 900 crore online investment fraud, placing a Chartered Accountant identified Ashok Kumar Sharma, under the scanner for his suspected role in routing and laundering the illicit funds through shell companies and mule bank accounts.
The coordinated searches were conducted at 15 locations across Delhi, Rajasthan, Uttar Pradesh, and Punjab in connection with a transnational online investment fraud involving the overseas fintech platform “Pyvpl”.
According to the agency, the case was registered based on inputs received from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs. Investigators allege that thousands of Indian citizens were duped of crores of rupees through deceptive online investment schemes operated by an organised international fraud syndicate.
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Chartered Accountant Allegedly Managed Financial Network
A significant development in the probe is the alleged role of Chartered Accountant Ashok Kumar Sharma, a resident of village Bijwasan on the Delhi–Gurugram border. The CBI claims Sharma functioned as the financial architect and kingpin of the laundering network, facilitating the siphoning and routing of hundreds of crores through a complex system of mule bank accounts and shell companies.
Investigators said Sharma allegedly coordinated the creation and operation of numerous shell entities and bank accounts, which were used to consolidate fraud proceeds before routing them through multiple financial channels. The agency estimates that around ₹900 crore was siphoned in the past year alone through this network.
Social Media Lures and Fake Investment Schemes
The fraud syndicate allegedly used social media platforms, mobile applications, and encrypted messaging services to target victims. Individuals were promised lucrative returns from online investments and part-time job opportunities.
Victims were initially persuaded to deposit small amounts to build trust. Once convinced, they were encouraged to invest larger sums into fraudulent platforms linked to Pyvpl.
Layering Through International Financial Channels
The defrauded funds were reportedly transferred through mule accounts to conceal the money trail before being routed through offshore ATMs and overseas fintech platforms. Many of these transactions were processed through global payment networks such as Visa and Mastercard, often appearing as Point-of-Sale (POS) transactions in banking systems.
CBI officials also revealed that the proceeds were later converted into USDT cryptocurrency through Indian virtual digital asset exchanges and transferred to white-listed crypto wallets controlled by the accused.
Shell Companies and Digital Evidence Seized
During the searches, CBI officers recovered incriminating documents and digital evidence related to the syndicate’s operations. The investigation further revealed that several unsuspecting individuals had been fraudulently listed as directors of shell companies, which were used to facilitate the movement of illicit funds.
The bank accounts linked to these entities have reportedly been frozen since September 2025.
Custodial Interrogation and Further Probe
The agency has taken Ashok Kumar Sharma into custody for custodial interrogation. Officials said further investigation is underway to identify and apprehend other members of the syndicate, including possible foreign nationals involved in the transnational fraud network.
The CBI is also working to trace and freeze the remaining proceeds of crime routed through domestic and international financial systems.
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