The Hyderabad Cybercrime Police Department filed a charge sheet on Friday in connection with a 30,000 crore online loan scam based in China that has devastated the lives of hundreds of individuals.
Borrowers were enticed to take out loans in Andhra Pradesh, Telangana, Bengaluru, Chennai, and Mumbai, where they were charged exorbitant interest rates. "As many as seven persons committed suicide in Telangana because they were unable to handle the pestering of these internet lending businesses," police added.
The police told the court that the accused's entire transactions amounted to about 30,000 crore. "They made over 11,000 crore in profit, which they shifted to benami accounts," said the cybercrime police.
The cybercrime police said in their charge sheet that 28 people were arrested in the case, including a main suspect, Zhu Wei, and three other Chinese nationals. The racket's kingpin, Zixia Zhang alias Jennifer, was still missing. The ring was uncovered in December 2020, and the suspects were apprehended over the course of four months.
According to police, the gang, which is based in Shanghai, China, promised fast loans using mobile applications. According to the cybercrime police chargesheet, several instant lending apps were hosted on Google Play Store, including Loan Gram, Cash Train, Cash Bus, AAA Cash, Super Cash, Mint Cash, Happy Cash, Loan Card, Repay One, Money Box, and Monkey Box.
When clients install the apps, the corporation gains access to all of the phone's contacts and other data. Instant loans are given on a commission basis ranging from 25% to 30%.
They established four call centres across India and engaged executives to collect repayments, which included interest, processing fees, GST, and default fees.
"Through phone centres run by them, these executives systematically abused, harassed, and threatened defaulters." The borrowers are even blackmailed by mailing forged legal notices to their relatives and family members, according to the police.
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