February 25, 2024
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In ₹ 300 Crore Fraud, 15 Fake Chinese Apps Offer Low-Interest Loans

Following the arrest of a cybercrime network where callers were offered low-interest loans, the Uttarakhand police discovered a fraud of 300 crore rupees carried out through 15 bogus Chinese applications.
In addition, the “cyber thugs” would use the families of the victims as a means of extortion by sending them pornographic images that could be downloaded through phone hacking.

“The Uttrakhand police busted a syndicate where cyber thugs used to send messages to people, asking them to download their mobile apps, and would offer low-interest loans. In this process, they would get access to their photo gallery and documents too which is used to blackmail them to extort money,” the Director General of Uttrakhand Police Ashok Kumar told.

The Delhi-born Ankur Dhingra, who founded the fictitious Hector LendKaro Private Limited, was detained by the Uttarakhand Police.

Through Chinese loan applications including RupeeGo, Rupee Here, LoanU, QuickRupee, Punch Money, Grand Loan, DreamLoan, CashMO, Rupee MO, CreditLoan, Lendkar, RockOn, HopeLoan, Lend Now, and Cashfull, the shell firm used to offer loans at cheap interest rates.

According to the top police officer in Uttarakhand, these lending apps were previously available on Google Play Store, but after a Google crackdown, the “cyber thugs” switched to other platforms like WhatsApp and SMS.

Up to 600 Chinese loan applications were prohibited in India.

The Center has urged law enforcement to take tough action against Chinese lending apps that frequently prey on the vulnerable populations of the young, old, and residents of rural areas.

The Enforcement Directorate has taken action against some corporations and seized their bank accounts in addition to filing numerous First Information Reports (FIRs) against them.

Picture Courtesy: Google/images are subject to copyright

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