Recently, Delhi Police busted a multi-crore Chinese loan application fraud and extortion racket, and arrested four people, including the mastermind behind the scam.
The 149 staff employed who helped run the racket have been served notices. The seized items include, among others, 153 hard disks, three laptops, 141 keypad mobile phones, 10 android phones, and four digital video recorders (DVRs).
There were four Indian people involved in the scam, who were in touch with Chinese nationals, who actually ran the loan application app. One individual named Anil Kumar was the mastermind behind the scam, while three others, Alok Sharma (24), Avnish (22), and Kannan (35) were his accomplices.
In April, the Reserve Bank of India’s (RBI’s) working group found 600 illegal lending apps, which included 27, which were banned.
With rising instances of digital fraud, the central bank is taking a relook at the ‘know your customer’ (KYC) norms to identify inadequacies and fill the gaps.
In 2020, about 60.2 per cent of the cybercrime cases registered were related to fraud—30,142 out of 50,035 cases, according to the latest data from National Crime Records Bureau (NCRB).
While cyber fraudsters target everyone, the elderly and the young are more vulnerable. The aged are not so Internet-savvy and neither familiar with digital safety norms. As such, they easily fall prey to these types of fraud.
According to the Microsoft 2021 Global Tech Support Scam…
