Chinese fraud App Deceit Indians Using Fake Loan Applications

A fraudent case has been filed by a women at the Intelligent Fusion and Stretegic Operation (IFSO) section of the Delhi Police. She said that she took loan from a loan app, Cash Advance repaid the same in time. However, after repaying the loan she started receiving threat calls and messages on WhatsApp from the employees of Cash Advance.

In February, 2022, a complaint was lodged at the IFSO under the special cell by the woman. She alleged that she has been abused and threaten by some unknown person. She also said that the unknown person sent her morphed and vulgar photographs to her family, friends and relative through social media.

It is to be mentioned that this is not the only case to be registered. In the recent time, several Indians have fallen prey to such high-end cyber crimes in which people are being defrauded to the tune of hundreds of crores of rupees every day.

A similar case was registered in Delhi Crime Branch where a man reported that he and his family friends and relatives are being threatened and abused by some unknown persons through some international and national WhatsApp mobile numbers, to repay the loan taken by the same Cash Advance application.

In another case, when the police were investigating a cyber fraud of just Rs 6,500, they were shocked to learn that the bank account in which the cheated amount was deposited had a daily transaction of Rs 19.43 crore.

The thing is that high-tech Chinese cyber criminals have devised a new strategy to dupe people and are defrauding Indians via fake loan applications.

Senior Delhi Police officer said, in the past six months, several cases of fraud, ultimately connected to Chinese cyber gangs, have come to light.

The Police Officer said, "These apps lend money instantly to any person downloading these applications for a period of a few days. At the time of downloading the application, the app asks for access to contact list, photo gallery and other personal data of the phone of the loan seeker.”

After taking a loan, a part of the total amount is deducted as processing fee and if the remaining amount is not paid within the stipulated time, the interest and penalties together take the repayment to 200 per cent of the loan amount.

If the money is not paid, the call centres operating out of neighbouring countries like Nepal, threaten the victims to leak their personal data and make abusive comments to their contacts.

But still there is a catch. The money cannot be directly transferred to international or Chinese bank accounts, so the fraudsters need Indian bank accounts to receive payments.

This is where the Chinese scamsters are finding vulnerable, poor and greedy people of the country to help them get Indian bank account details.

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