Official sources stated on Monday that the ED has launched an investigation into alleged fast loan fraud cases reported recently from Telangana and Tamil Nadu as part of its money-laundering probe into an online betting scam worth over Rs 1,100 crore.
At least five persons, including a software engineer, are said to have committed suicide in Telangana after being forced to repay loans offered to naive and needy victims facing economic troubles in alleged violations of regulatory standards.
Until yet, the Telangana police have filed at least 50 cases in this regard and arrested 29 people, three of them are Chinese nationals.
After a complainant notified the cops that he was subjected to misery, insult, threats, and harassment by online loan app firms over repayment with a high rate of interest, the Chennai police arrested two Chinese nationals and as many Indians.
According to official sources, the Enforcement Directorate (ED) has "enhanced" its investigation into the two state police departments' FIRs and complaints.
It has been looking into an alleged internet betting scam of over Rs 1,100 crore that was reportedly carried out with the help of some Chinese nationals.
The central probe agency conducted multiple raids across the country in August last year at the registered offices of some companies, as well as their directors and chartered accountants, who were accused of illegally running online betting apps on websites hosted outside India and operated by Chinese nationals.
The ED case stemmed from a police FIR filed in Telangana against Dokypay Technology Private Limited, Linkyun Technology Private Limited, and others. Three people, including a Chinese national, were arrested in this case by authorities in the southern state.
The three were eventually detained by the ED under the Money Laundering Prevention Act.
According to the ED, these companies used the "weak regulatory" mechanism of online wallets to transport funds worth crores of rupees across the border, which is how the money-laundering angle arose.
Officials said the ED will now investigate the fast loan app case alongside the online betting case because both involve duping individuals and transporting large sums of money to other shores, especially China, through illegal remittances and "hawala" transactions.
According to the Telangana police, lending organisations offered loans to consumers via rapid loan apps, charged exorbitant interest and processing fees, and resorted to systematic abusing, harassing, and threatening defaulters using phone centres.
According to the Telangana police, these firms allegedly stole sensitive data such as contacts and images from customers' mobile phones and used it to malign or blackmail them in order to get the loans back.
A preliminary inquiry into these financial transactions showed over 1.4 crore transactions worth nearly 21,000 crore, according to a statement from the Hyderabad police.
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