According to reports, around ten Chinese citizens are being investigated by Mumbai’s Cyber Investigation division for loan fraud. Based on available information, many Indian youngsters are being offered jobs with companies in the Finance sector. These youngsters then work and perpetrate loan fraud. Many Indians have been cheated of crores in the last four years alone. Investigators believe that this money was then converted to crypto and sent to China. Business transactions was the ruse used by shell companies to transfer money out of India.
Suhas Warke, the JCP of the crime branch, said that the police managed to bust this racket. He said that it was very well organized and 14 people were taken into custody. Arrests were made in different parts of India. During the investigation phase, the police say that the operation was well organized, and people had assigned tasks.
Fifty specific crypto wallets have been identified as the method used to carry out transactions and transfer money to China. The pretext used was crypto investment and carried out through shell companies.
A 22-officer team and staff from every cyber division participated in the investigation and arrests. One of the people who hasn’t been arrested yet graduated in Finance and is a specialist in Chinese. More than 200 loan apps were used to lure unsuspecting people to take loans. The names of these apps were changed routinely to stay ahead of the police.
Per reports, police have frozen 360+ bank accounts related to this racket with 14 crores in these accounts. Police have tips for people who need loans – don’t use apps. Go to a bank instead or find a reliable source. Don’t use links sent by SMS to install any app. The other most important thing is not to let the app access your contacts list. If in doubt, report loan apps to the police.