The police investigation found Rs 21,000 crore was transferred from India to China through Indonesia.
The Hyderabad cyber crime police have filed a chargesheet in the instant loan app case, where Chinese nationals allegedly siphoned Rs 21,000 crore from several individuals, as loan recoveries. The Telangana police took up the investigation in December 2020 after six defaulters died by suicide due to alleged harassment by the loan app firms. The police had registered 30 separate cases and had accused 31 people and arrested 28 persons including three Chinese nationals in connection with the loan app fraud. The loan apps granted loans ranging from Rs 1,000 to a few lakh rupees to those in need with minimum KYC (Know Your Customer) requirements.
They, however, levied high-interest rates and processing fees. The apps, once installed, gained access to all phone contacts, gallery and other sensitive information. Those who defaulted faced inhuman harassment by recovery agents. Some were humiliated in front of friends and acquaintances with messages going out that the victim had ‘cheated’ someone and not to believe them. Others had their pictures morphed and shared on social media as blackmail. The Telangana police found as many as 211 loan app firms operating on app play stores.
An investigation by TNM found these apps were operating in India through a network of shell companies with no real addresses. The Telangana police had arrested three Chinese nationals Yi Bai, Zhu Wei…