Beijing [China], June 28 (ANI): India has recently witnessed a wave of financial frauds through instant microloan lending applications and crypto-currency transactions. The use of proxies to dupe Indian nationals and money laundering is rampant. According to the investigation agencies, Chinese citizens or firms were involved in most of these scams and malpractices.
Application-based instant microloan lending scams: Crackdown on the illegal app-based instant microloan lending companies started in India in late 2020. The Intelligence Fusion & Strategic Operations (IFSO of Delhi Police), Enforcement Directorate (ED), and Hyderabad Police, through various successful operations, unveiled the modus operandi of groups involved in these scams. They arrested at least half a dozen Chinese nationals in such cases. To the dismay of the agencies, many such fraudsters escaped to China and continued their operations with impunity.
Through the arrest of eight culprits, IFSO learned that they used to extort people on the pretext of providing loans through Chinese applications. They used to blackmail the borrowers with the information gathered on these apps. After that, they used to send the defrauded amount to China through cryptocurrency. The IFSO also identified the crypto accounts of the three Chinese nationals involved in…
