STOCK MARKET BSE NSE

Chinese apps loan scam: ED spots Rs 1,400 crore transaction

The Enforcement Directorate has filed a complaint with the Hyderabad Central Crime Station (CCS) based on ongoing investigation into the Chinese loan app scam.

Published: 19th December 2021 08:29 AM  |   Last Updated: 19th December 2021 08:29 AM   |  A+A-

money fraud

Image used for representational purpose only.

By Express News Service

HYDERABAD: The Enforcement Directorate has filed a complaint with the Hyderabad Central Crime Station (CCS) based on ongoing investigation into the Chinese loan app scam. 

A Rs 1,400 crore transaction was identified by the Directorate, the amount was taken out through several recent transactions. Various certificates used for the activities were found to be counterfeit and the money was allegedly transferred to foreign accounts including those in Mauritius and Hong Kong.

A police official said, “A complaint has been received regarding multiple transactions done by hair exporting firms and the amount was transferred to foreign accounts. The exact amount is yet to be ascertained. There are a few bank accounts based out of Delhi which will also be investigated.” 

A firm/individual from Hyderabad is also allegedly involved in the case. The probe is on regarding the diversion of the large sums to foreign accounts and the bank officials will be questioned. 

Recently, the ED seized another Rs 51.22 crore belonging to a non-banking finance company. The total amount seized so far is Rs 288 crore. 

The Chinese loan apps have been trapping gullible people, they charge high rate of interest and threaten customers to sell their personal data. Earlier, two cases were registered in December 2020 and January 2021 under the Gaming Act.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp