CBI Uncovers ₹1000 Crore Cross-Border Covid Crypto Fraud Network

New Delhi | December 12, 2025:

During the uncertainty and isolation of India’s Covid-19 lockdown, an elaborate cryptocurrency investment scheme quietly expanded across the country, promising quick returns and digital prosperity. The Central Bureau of Investigation (CBI) now says the operation was part of a large, foreign-controlled cybercrime network that siphoned more than ₹1,000 crore out of India.

According to investigators, the fraud revolved around Shigu Technology Private Limited, a company effectively controlled by Chinese nationals. The firm promoted cryptocurrency-linked investments, including bitcoin mining and token-based schemes, attracting thousands of Indian investors during the pandemic period.

CBI officials allege that within a few months, the group collected massive funds and routed the money through more than 150 shell companies. Bank accounts linked to these entities reportedly recorded deposits exceeding ₹1,000 crore. Investigators said the accounts were structured to aggregate proceeds of crime, obscure their origin, and project the funds as legitimate business income.

As the probe widened, the agency concluded that the operation was not an isolated fraud but part of a coordinated transnational cybercrime network. Investigators linked the group to several post-Covid scams, including fake loan apps, fraudulent investment schemes, and bogus online job offers targeting Indian citizens.

To gain credibility, the operators allegedly paid small returns to early investors, creating an illusion of profitability. Once confidence was established, larger investments were solicited. These funds were later converted into cryptocurrency and transferred abroad, placing them beyond the immediate reach of Indian authorities.

The investigation also highlighted the misuse of India’s rapidly expanding digital payments ecosystem during the pandemic. Funds were funnelled through payment aggregators and layered across multiple accounts, exploiting high transaction speeds and limited early-stage oversight in the digital finance sector.

The charge sheet identifies Wan Jun, a Chinese national, as a key accused. According to the CBI, Wan Jun operated in India under the cover of legitimate business roles, including serving as a director of Zillion Consultants India Private Limited, described as an associate entity of a Chinese firm.

With the help of an associate identified as Dantes, investigators allege that Wan Jun established multiple shell companies, including Shigu Technology, to facilitate the movement and laundering of funds. Dantes was later arrested as the investigation expanded.

CBI officials stated that most of these entities existed largely on paper and functioned only as conduits for fund transfers. The layered corporate structure, investigators noted, made real-time detection by banks and regulators extremely difficult.

In its latest action, the CBI has filed a charge sheet in a special court in Delhi against 30 accused, including Wan Jun and another Chinese national, Li Anming. In total, 27 individuals and three companies have been named as conspirators in the case.

Several suspects are believed to be outside India, and efforts are ongoing to trace and apprehend them through international coordination. The case originated from an FIR registered in April last year. Parallel proceedings by the Enforcement Directorate have already resulted in the freezing of ₹91.6 crore across various bank accounts as part of a money-laundering probe.