Cybercrime Gang Nabbed Using Chinese Loan Apps
Cybercrime Gang Nabbed Using Chinese Loan Apps
Lucknow, Uttar Pradesh: On Wednesday, Balrampur police nabbed two of the main members of an interstate gang that used Chinese lending applications to defraud unwary citizens out of over ₹112 crore.
Police detained Aniruddh Kumar of Barabanki and Himanshu Mishra of Amethi, who are currently residents of Lucknow, after conducting a raid on a mango orchard on Gonda Road in response to a tip.
Investigations showed that scammers utilized Chinese lending applications such as Udhar Lending, Rupee Factory, Quick Loan, and Credit Bee to trick needy people by immediately crediting their accounts with ₹1,200 after they uploaded their Aadhaar, PAN, bank information, and photographs, according to Balrampur SP Vikash Kumar. Additionally, the apps surreptitiously obtained user information.
“Recovery agents hounded borrowers who did not make their repayments on schedule. In exchange for a ₹1,200 loan, borrowers were forced to pay ₹2,000 within a week.” He claimed that the extorted funds were transferred into “mule accounts,” which are bank accounts obtained using fictitious documentation.
According to the officer, around ₹1 crore was deposited into these mule accounts every day. ATMs were used to withdraw money, and Cash Deposit Machines (CDMs) were used to redeposit it into other mule accounts.
The funds were then exchanged for USDT via Binance, the biggest cryptocurrency exchange in terms of users and trade volume, and a prominent blockchain ecosystem. The P2P (peer-to-peer) method was used to transfer money to cybercriminals both domestically and overseas.
The defendant acknowledged that he had opened six bank accounts and turned them over for commissions. International cryptocurrency transfers were made using Anirudh’s Binance ID. After being contacted by associates in Gujarat in exchange for large returns, Himanshu admitted to setting up accounts.
The syndicate’s activities may involve global cybercrime networks, according to authorities. In addition to provisions of the IT Act, the accused have been charged under several sections of the BNS. They were remanded in judicial detention after being brought to court.
About the Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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