In a shocking incident, police have arrested four people in connection with a Chinese loan app racket that stole more than Rs. 10 Cr from victims by threatening and abusing them. Know how this online scam worked.
Loan scammers are heavily relying upon digital infrastructure to propagate the crimes and swindle victims in a wider geography. In a recent incident, a loan app has surfaced which would scam people by promising easy payout without paperwork or credit scores and then operators of the online scam would harass the victims through threatening messages, calls and derogatory texts to their contacts to recover an extremely high amount of money. Police have arrested four people recently in association with a similar loan app which reportedly has connections with China. Read on to know how this Chinese loan app worked and how you can protect yourself.
According to a report by the Times of India, Delhi police raided a three-storey building in Dwarka Sector 7 and arrested four people accused of running the loan scam. It is believed that the four were tasked with recovering money from those who took out a loan from the app. According to Police, the kingpin of the operation was also among those arrested.
How this online Chinese loan app scam worked
The modus operandi of this loan scam is very basic, as explained by the Times of India. First, this alleged Chinese loan app was promoted on Facebook and other social…
