Instant Loan Scam: Twenty-two people have been arrested from across the country for their involvement in a Rs.500 crore instant loan-cum-extortion racket that was operated by Chinese nationals. Click here to join telegram study group →
How this Instant Loan Scam was done?
The fraudsters uploaded their application on google play store or their websites. Users download the apps from there and the racket involved more than 100 applications.
This racket network was spread across Delhi, Karnataka, Maharashtra, Uttar Pradesh and other states.
Once user downloaded the app, he was given some amount as instant loan. After that, these apps collected sensitive information related to the user which was then uploaded to servers based in China and Hong Kong.
The gang would then call the users from different numbers that were procured on fake IDs, and extort money threatening that their morphed nude pictures would be uploaded on the internet if they failed to heed to the demand.
This was done by China
The arrested members have reportedly told the police that the racket was operated at the behest of Chinese nationals. The police have identified few Chinese nationals and efforts are being made to trace and arrest them.
After the crackdown, the operatives have been shifting their recovery call centres to Pakistan, Nepal and Bangladesh. So far, more than Rs.500 crore has been siphoned off by the Chinese nationals.
The gang reportedly used multiple accounts and each of the accounts received more than Rs.1 crore per day.
The apps have been identified as Cash Port, Rupee Way, Loan Cube, Wow Rupee, Smart Wallet, Giant Wallet, Hi Rupee, Swift Rupee, Walletwin, Fishclub, Yeahcash, Im Loan, Growtree, Magic Balance, Yocash, Fortune Tree, Supercoin, Red Magic.