The National Crypto scam exposed by Republic TV had a huge impact on thousands of honest Indians whose hard-earned money was allegedly swindled by fintech Apps. The Apps which purportedly received funds from China and Hong Kong exploited the vulnerability of the people as the COVID-19 pandemic brought everything to a standstill. They sanctioned instant loans to people at a very high interest and recovered the sum within a short period by using intimidatory tactics. Fintech firms illegally parked a large portion of the profits in offshore accounts through cryptocurrency exchanges thereby harming the economy.
Speaking to Republic TV on this financial expose, journalist and BJP member Savio Rodrigues opined, “What is most important to look at is the China connection with these particular loan Apps. In August 2020, there was a gentleman by the name of Luo Sang who the ED had taken under the scanner and was investigating him. At that point in time, he took the name of Charlie Peng who was posing as a national from Manipur. He had a PAN card and Aadhaar card and set up 4 companies in India. You have these people who come from China and have Aadhaar cards and PAN cards. They set up companies over here.”
Maintaining that the scam was worth more than Rs.1000 crore, he added, “During the COVID period, when people were not having access to money, they were going through these online Apps for loans. They started taking a lot of money from these Apps not realising that…
