Cyber police officials of the Mumbai Crime Branch, who busted an international loan app fraud racket, said at least ten Chinese nationals are involved in the crime and are beneficiaries of the money siphoned out of India using cryptocurrency.
The cyber police, which has arrested 14 accused from across India, said the accused were running the fraud since 2018, the number of victims could be more than 1,000 and the total money stolen could run into several hundred crore of rupees.
Addressing a press conference on Friday, Suhas Warke, Joint Commissioner (Crime), Mumbai Police, said, “The accused had opened over 360 bank accounts and more than 200 shell companies to siphon the ill-gotten money. Over 50 crypto currency wallet accounts have been used to transfer the money.”
“We have frozen several bank accounts and recovered Rs 14 crore. Another 2.17 lakh USDT was found in cryptocurrency wallets. We have seized 39 phones, 211 SIM cards, 19 laptops ad other electronic items that were used to commit the crime,” said Hemraj Singh Rajput, Deputy commissioner of Police (cyber).
The police said the accused uploaded the digital loan apps on Google Playstore or sent them directly to victims by text or WhatsApp messages. They were using at least 37 fraudulent loan apps and another 200 loan apps are under scanner.
The accused used to take access to personal details like images, contact list of the victim while lending few thousand rupees and later extorted much more money than…
