E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Business»Instant loan app scam busted! Rs 500 cr sent to China via Hawala, cryptocurrency; 22 held for involvement in over 100 such apps
Business

Instant loan app scam busted! Rs 500 cr sent to China via Hawala, cryptocurrency; 22 held for involvement in over 100 such apps

By August 21, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Loan app scam: An instant loan app scam of Rs 500 crore has been busted by Delhi Police`s Special Cell yesterday. The Intelligence Fusion and Strategic Operations (IFSO) busted various modules of instant loan applications having Chinese connections.

In the last two months, 22 people were arrested. The arrested individuals were working on the behest of Chinese nationals. According to a statement of an official on Saturday, the money was being routed to China through the hawala route or crypto-currency.

Hundreds of complaints were received by Delhi Police regarding the instant loan applications. The complaints stated that there are instant loan apps that are disbursing loans at higher rates and even after payment of loan, they are extorting money using the morphed nude pictures, said Deputy Commissioner of Police KPS Malhotra.

“The IFSO took cognizance of the same and started analysing the complaints during which it was found that more than 100 such apps are involved in the loan and extortion racket,” Malhotra said.

The police carried out extensive technical analysis after which it was learnt that all the apps were seeking “malicious permissions” from the user.

After obtaining the access permissions, the contacts, chats, messages and images of the user were being uploaded to the servers based in China and Hong Kong. The analysis of the money route also revealed that the money was being routed to China through hawala and crypto-currencies.

“Applications were developed in the garb of loan providing apps. These applications were malicious in nature and seek all permissions from the user. Applications were hosted on Google Play and websites. Users in need of loan downloaded the applications by granting all the permission. Soon after this, the application started uploading the contact lists, chats, images of the user to the servers hosted in China and other parts,” the police officer said.

This data was also sold to different private firms.

The customers were receiving calls from different numbers (procured on fake IDs) forcing them to pay more and more by threatening them using the morphed pictures. Due to fear and stigma, the users began paying them money in different bank accounts opened against fake IDs.

The money collected was diverted to specific bank accounts and then sent to China through Hawala or after purchasing cryptocurrencies.

“People who were in dire need of a small loan ranging from Rs 5,000 to 10,000 is being forced to pay even in lakhs,” the official claimed.

The financial trial revealed that multiple accounts are being used for getting the amount. In each of the account, transactions of more than Rs 1 crore was being credited daily.

Identities of few Chinese nationals have been confirmed and efforts are being made to trace and arrest them.

“From the analysis of the financial trail and other technical analysis, it was also revealed that Chinese nationals are actively involved in these loan applications scams. Further, after police crackdown, they are shifting their recovery call centres to Pakistan, Nepal and Bangladesh,” the police said.

Delhi Police has identified mobile apps through which Rs 500 crore was sent to China via Hawala or by buying Crypto-currency.

Malhotra said that there are more than 100 apps involved in such big extortion racket through mobile loan apps.

These are the apps which used to give small loans. Their actual owners are said to be Chinese nationals.

“Lynda, Akira, Zoya, Kobe Bryant and Luo Rong a.k.a. Xiasi, are the Chinese nationals involved in the matter who were owner of a few apps,” said Malhotra, adding three separate cases were lodged in this regard.



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.