CBI’s Operation Chakra-V Cracks Major Cybercrime Ring, Seizes Millions in Crypto Assets
India's Central Bureau of Investigation just dropped the hammer on a sprawling cybercrime network—and the haul was digital.
Operation Chakra-V wasn't your typical bust. Forget bags of cash; agents seized cryptocurrency wallets loaded with illicit funds. The takedown reveals how modern financial crime has gone fully virtual, leveraging the same decentralized tech that powers legitimate finance.
The New Face of Illicit Finance
Forget shadowy bank transfers. This ring operated in plain sight on the blockchain, using crypto's pseudonymous nature to mask its operations. The CBI's cyber unit traced complex transaction chains across multiple wallets and exchanges, a digital paper trail that led straight to the perpetrators.
It's a stark reminder: for every innovation in decentralized finance, there's a criminal enterprise figuring out how to exploit it. The tools for privacy and freedom are the same tools for obfuscation and fraud.
Regulation's Uphill Battle
This operation highlights the cat-and-mouse game between global law enforcement and crypto-savvy criminals. While agencies develop new forensic techniques, bad actors adapt just as quickly—laundering through mixers, hopping across privacy chains, and cashing out through loosely-regulated exchanges.
The seizure proves tracking is possible, but it's resource-intensive. It's the financial equivalent of whack-a-mole, only the moles have better encryption and global reach. Meanwhile, traditional finance watches from the sidelines, occasionally tut-tutting about crypto's risks while their own legacy systems hemorrhage data in breaches weekly.
Operation Chakra-V delivers a clear message: the wild west days are ending. As enforcement sharpens its tools, the crypto ecosystem's greatest stress test isn't volatility—it's legitimacy. The technology won't be judged by its ATHs, but by what it enables and what it prevents. Today, it prevented a major crime ring from cashing out. That's a bullish signal no chart can show.
Background of the investigation
The agency had earlier reported on December 9 that it was investigating a firm involved in procuring over 20,000 SIM cards, which were later used for cybercriminal activities. The investigation, carried out under Operation Chakra-V, is focused on dismantling the Core networks behind cybercrime in India.
CBI officials said the gang had set up an elaborate system that included servers, communication devices, USB hubs, dongles, and thousands of SIM cards to send out mass phishing messages and hundreds of thousands of fraudulent texts every day. During the raids, authorities also seized important digital evidence, unaccounted cash, and cryptocurrency.
Discovery of the phishing factory
CBI’s detailed study of fake SMS patterns helped identify an organized cyber gang operating from Delhi and Chandigarh, providing bulk SMS services to cybercriminals. “It was found that even foreign cyber criminals were using this service to cheat Indian citizens. Initial investigation revealed that about 21,000 SIM cards were obtained in violation of DOT rules,” an officer said.
The SIM cards were managed through an online platform to send bulk messages offering fake loans, investment opportunities, and other financial benefits, with the intention of stealing personal and banking information from victims.
Role of the private company
The investigation led to the registration of a case against M/s Lord Mahavira Services India Pvt Ltd, which allegedly ran the illegal system enabling fraudsters to send massive volumes of fake messages across India.
“Early findings also suggested the involvement of some channel partners of telecom companies and their employees, who helped in illegally arranging SIM cards for this fraud,” the official added.
Modus operandi of the cyber gang
The CBI probe revealed that some numbers operated across 203 to 387 IMEIs and generated one-second automated calls — behavior consistent with SIM box operations, IMEI tampering, and M2M communication, all of which are prohibited under DoT guidelines.
Investigators established that between 2020 and 2025, the firm deceptively procured 20,986 mobile connections. Specifically, in 2024-2025, the company obtained 7,721 SIM connections.
False end-user lists were provided to acquire multiple SIMs using the same IDs; for example, 90 SIMs were issued to just 10 people, and 1,000 numbers to only 143 people across the country.
Call detail reports indicated the usage of these SIM cards around their registered Delhi address and a Noida office building. Six analyzed numbers had cybercrime complaints filed against them on the official cybercrime reporting portal.
Arrests and ongoing investigation
As part of Operation Chakra-V, the CBI arrested Sonveer Singh, Maneesh Upreti, and Himalaya, dismantling a major portion of the network. The officials said the probe is still ongoing. They are tracking new leads to find any other people involved, including telecom employees who may have helped in the fraud.
The case shows just how sophisticated cybercrime has become in India, with criminals finding ways to exploit technology and even use cryptocurrency to carry out large-scale scams.
Also Read: ED Raids 8 Locations in India in ₹2,300 Crore crypto Scam
