India’s top investigation agency has taken down a massive transnational cybercrime network that led to the arrest of 26 individuals and seizure of millions worth in cash, cryptocurrency and gold bullions.
In an aggressive sweep across multiple Indian cities, the Central Bureau of Investigation (CBI) in India dismantled a sophisticated transnational cybercrime network that had been siphoning millions from global victims.
Dubbed “Operation Chakra-III,” a multi-phase mission launched in collaboration with international law enforcement agencies, the operation delivered a severe blow to a crime ring that used technology to conduct financial fraud through virtual assets and bullion.
In the past 11 months, when the second phase of the operation resulted in similar crackdown, Operation Chakra-III has uncovered extensive evidence of illicit activities, including the recovery of significant cash, luxury vehicles, and gold bullion. These findings are part of a broader effort to clamp down on cybercriminals targeting unsuspecting individuals, particularly in the U.S.
The Initial Cybercrime Investigation Breakthrough
On September 14, CBI released details of a successful operation against a group led by key suspect Vishnu Rathi. This group had allegedly scammed a U.S. citizen into transferring nearly half a million dollars into cryptocurrency wallets under the guise of a tech support service. The victim, led to believe her bank account was compromised, had unknowingly handed control to the criminals, who manipulated her into making the large transfer. This is a common tactic used by cybercriminals: exploiting victims’ fear of compromised personal data and bank accounts.
CBI investigators, working alongside the FBI, launched searches at multiple locations in Mumbai and Kolkata earlier in September. The raids resulted in the recovery of 57 gold bars, 1.6 million INR in cash, and digital devices containing key evidence. This coordinated operation marked the beginning of CBI’s larger strategy to dismantle the entire network.
Targeting a Larger Web
As Operation Chakra-III progressed, CBI launched another wave of raids on September 30. This time, the focus expanded, targeting call centers across Pune, Hyderabad, Ahmedabad, and Visakhapatnam. The call centers were central hubs in the network’s operations, where over 170 individuals were engaged in various forms of online fraud, mainly targeting U.S. citizens.
During these searches, 951 electronic devices were seized, including laptops, mobile phones, and financial records used to execute the fraud. CBI operatives also recovered 58.45 lakh INR in cash, locker keys, and three high-end luxury vehicles tied to the suspects.
26 key operatives were arrested in this operation, with ten apprehended in Pune, five in Hyderabad, and eleven in Visakhapatnam. The arrested individuals face charges under India’s Information Technology Act of 2000 and the newly enacted BNSS Act of 2023. The crime network employed a range of tactics to defraud victims, including impersonating tech support personnel and inducing panic among victims by falsely claiming their bank accounts had been compromised.
A Broader International Effort and Implications
CBI’s Operation Chakra-III showcases the complexity of dismantling a transnational cybercrime network. The collaboration between Indian law enforcement, INTERPOL, and U.S. authorities, including Homeland Security Investigations (HSI), has been crucial in taking down these operations. Through INTERPOL channels, the CBI is now following up on international leads, with further investigations expected to uncover more layers of the criminal operation.
In both phases of the operation, the suspects specifically targeted foreign victims, making them believe their personal data and finances were at immediate risk. Such psychological manipulation tactics, paired with the growing complexity of virtual asset-based transactions, calls for further cross-border cooperation in fighting cybercrime.
Future Outlook
The ongoing investigations are expected to reveal more intricate details about how this cybercrime network laundered funds through cryptocurrencies and gold bullion. Cryptocurrency transactions, often perceived as anonymous, allowed the criminals to quickly move funds across borders without detection. However, CBI’s coordination with international agencies is expected to disrupt these efforts.
Operation Chakra-III represents a pivotal shift in how Indian authorities approach cybercrime. By integrating real-time intelligence sharing with global counterparts, the CBI is moving beyond domestic law enforcement to tackle cybercriminals who exploit technological loopholes.
This multi-city, multi-national approach proves that no cybercriminal network is beyond reach. Authorities will continue to focus on identifying more victims and retrieving stolen funds, while ongoing raids and arrests signal that the network’s downfall is far from complete.
With INTERPOL and foreign law enforcement at its side, CBI’s success in this operation may inspire other nations to adopt similar collaborative strategies to dismantle organized transnational cybercrime networks.
The news of the latest takedown comes on the back of India gaining a top spot in the Global Cybersecurity Index – an ode to the country’s strengthening cyber posture.
India claimed a spot in the Tier-1 category in the latest Global Cybersecurity Index (GCI) 2024, released by the International Telecommunication Union (ITU). With a rank of 98.49, India is one of the 47 countries that has been adjudged as a leading nation which has demonstrated commitment to robust cybersecurity practices.