Chinese-linked scammers steal $529 million from Indian Nationals using a lending app. The scammers used this app to lure victims with part time jobs and fake cryptocurrency trading schemes, according to the cyber crime unit in the state of Uttar Pradesh.
Earlier in last year the cops busted a criminal network worth $378 million, though this amount did include the cryptocurrency-related frauds.
According to TimesofIndia the modus operandi of the scammers was to promote the fraud via bulk TXT messages. Authorities managed to track the messages to the Middle Kingdom, while some were located in Nepal and worked under the direction of the Chinese threat actors. Fake websites and crypto apps were set up to lure in investors.
Uttar Pradesh Cyber Crime Superintendent of Police Triveni Singh said, “The instant loan apps, the part-time job offers and now the crypto trading fraud, all of them are being operated by the same hackers from China. The SMS aggregators are also involved in it.”
The criminals absconded and already moved their money to the Indian bank accounts and digital POS system like Zebpay and Binance exchanges. According to a PTI report the stolen money was finally withdrawn in China.
A call center scam in Gurugram, in the northern Indian state of Haryana, was recently uncovered. Four Indian criminals who promised low-interest loans extorted money from victims instead. Their motive was to deceive people with low financial or digital literacy into giving them money for a promised loan that did not materialize. The four are now in custody.
India’s Ministry of Corporate Affairs said that the suspects communicated with their foreign counterparts on a Chinese instant messaging app called Husys.
Defendants were shareholders and directors of shell companies that were really just subsidiaries of Chinese-owned companies.
The government arrested a man called Mr Dortse who is on the Board of Jillian India Ltd. He is believed to be the mastermind and likely involved in the formation of a number of China-linked shell companies.