CBI busts ₹1000 Cr cyber fraud network, charges 17 people, 58 companies

• CBI uncovered a transnational cyber fraud network, charging 17 individuals and 58 companies.
• The network, involving four Chinese nationals, defrauded over ₹1000 crore through digital fraud and shell companies.
• Fraud methods included fake loan applications, investment schemes, ponzi models, job offers, and online gaming.
• Over ₹1000 crore was layered through 111 shell companies and mule accounts, with one account receiving over ₹152 crore.
• The network became active during the COVID-19 pandemic (2020), using dummy directors, fake documents, and various digital tools.

Why It Matters: This reveals a massive ₹1000 crore transnational cyber fraud network affecting many.