India: International team behind loan scam apps Inquiry begins

The Enforcement Directorate has launched an investigation into an online loan fraud case. The move comes after it was found that foreigners, including beggars, were behind the scam. Police have found that loans worth Rs 21,000 crore have been disbursed through online apps through one crore and forty lakh transactions.

The Enforcement Directorate's investigation is based on the discovery that there are international links behind online loan fraud. The Chinese are the main culprits behind the scam. So far, five Chinese nationals, including a woman, have been arrested from different parts of the country. In addition to cash, Bitcoin transactions have also taken place. The investigation team estimates that most of the transactions have taken place in the last six months.

These robbers charge 35 to 50 percent interest. Intimidation of customers by setting up call centers in various places. Investigators say the fake lawyer also threatened to send notices to the victims' homes. The Chennai Crime Branch arrested four people, including two Chinese nationals, from Bangalore yesterday. The search for the chief continues. The Telangana and Tamil Nadu governments have taken stern action against the swindlers.

If you want to know the horror of fraud, you only need to know what happened to Ganesha from Chennai. Ganesan, who started with a loan of Rs 5,000, is now in debt of Rs 4.5 lakh. Ganesan, who had initially borrowed Rs 5,000, got Rs 3,500 in his account. Called to pay within a week. No money to repay. The call center owner told me to download another app. Got the money again. Thus, the debt of Ganesan, who had taken loans from 45 apps, became Rs 4.5 lakh.

The investigation team estimates that there are about 72 apps for online loan fraud. Such scams can be a liability if you borrow money through online apps. Be careful not to fall prey to fraud.