Fake Loan Apps Cyber Crime is on the rise with fraudsters mindlessly and with no fear to law have been carring out the illegal activity.
It was only last month that the City Cyber Crime Police busted and unmasked frsudsters in a Rs 350 crore pan-India loan app racket which defrauded lakhs since 2018.
Now in a new development, on Thursday, a look-out circular (LOC) was put out against two Kingpins Chinese nationals and a few other foreigners who are the creators and planners.
Notably, 200 fake loan apps were retrieved from social media platforms by the Chinese Nationals and few foreigners following the arrest of14 accused who identified them in the photos.
Infact in Mumbai alone, 29 cases have been registered of pan-India loan app “recovery agents” who extorted lakhs from those who got access to small loans through threats or even through circulation of their morphed nude photographs and pornographic videos among their phone contacts and on social media.
In their investigation, the Police have got access to 350 paper companies, all registered in one residential Bengaluru building which opened 360 bank accounts with the use of Aadhar and PAN card details which the victims shared while applying for loans.
The accused arrested had set up at least four such paper companies.They received 30,000 to 35,000 a month for the use of their names as directors of these “companies”.
According to the Police,those arrested accused would park the extortion money into these accounts. Thereafter, these funds would then be converted into cryptocurrency and transferred to China. Amount of Rs 350 crore, around Rs130 crore alone was received through ‘Cash Free’ app operated by Malad’s Sneha Somani who was in charge of disbursing loans.
The alleged kingpins- Luwenjie Andy and Crysten operated from China. Liyang Sheng (39), one of the arrested accused, allegedly ran a few paper companies from Bengaluru.
The Chinese nationals met Liyang in Bengaluru and he helped them establish paper companies under the names Water Elephant Financial Services and Methitech Private Ltd with the use of fake documents.
As per the Police Cops, they have cracked the loan racket pyramid. The planning and execution began in 2018, two years before the Covid outbreak. These Chinese masterminds left India in 2020 after building the foundation for the racket in the metros and then jumping to Tier-2 cities.
As per the Police, They started with small call centres and employed people who worked in shifts with proper salaries and incentives.
Inorder to install the name plate of the racket they have paid hefty rent to of the companies, the Bengaluru building for the use of its address and premises to put up the companies’ nameplates.
Police learnt from the 14 accused that atleast 1,000 transactions, of Rs 2,000 to 5,000 each, would get credited into a single account daily. Those arrested said in each of the 360 accounts, the balance shows Rs 6 crore to Rs 7 crore transacted every third day.
The money facilitated them to buy cryptocurrency which they kept in crypto wallets, for easier transfer of funds to foreign locations.
Under the instructions of Police Commissioner Vivek Phansalkar, Suhas Warke, Joint Commissioner of police (crime) led a team of DCP (cyber) Hemraj Singh Rajput, senior inspector Suvarna Shinde, inspector Prakash Warke and cyber detection team to get suo motu cognizance of the 29 cases in 2022. Following a breakthrough, the first accused to be arrested was Sudhakar Reddy (25) on June 26; the 14th arrest was made on July 13.
List of accused who were arrested :
Ovez Salim Ahmed
Vipul Shankar gawda
Sanjay veer bhan arora
Ajay Kumar Aaroon Kumar
Liyang chi sheng
Cyber cell booked all accaused under various sections of IPC 419′ 420467,468, 471′ 384′ 120 +B), 509;506,500, 34 67 .67 (A)
Cyber cell team successfully conducted this operation under the guidance of DCP Hemraj Sing Rajput, ACP Cyber Cell Ramchandra lotlikar, senior PI Suvrna Shinde, Pi More, Prakash Vaske,Savita Shinde, Mausmi patil, Mangesh Desai, and all staff of Cyber cell
News Edit: K.V.Raman