Rs. 500 Crore Scam! Delhi Police Catches Gang That Baits People Using Fake Loan Apps – Tech

The Delhi Police broke an instant loan-cum-extortion ring worth more than Rs 500 crore in a two-month-long operation, according to authorities, and detained 22 suspects from across the nation. They said that the gang was controlled by Chinese nationals and that cryptocurrencies and hawala were used to transfer the extorted funds to China.

Reportedly, the authorities claim that hundreds of complaints were made stating that loans were being given out at higher interest rates and that when the money and interest were fully recovered, the gang utilized their modified nude images to demand more payments from the public.

Following an investigation into these allegations, the Intelligence Fusion and Strategic Operation (IFSO) of the Delhi Police discovered that more than 100 similar applications were part of the scam. These applications pestered users for nefarious permissions.

According to a senior police official, the gang used to upload sensitive material to servers located in China and Hong Kong after gaining access to the users’ contacts, chats, messages, and photographs. The apps were created under the guise of offering modest loans. The user would download one of these programs, allow it access, and the loan money would be deposited to his account minutes later, according to the officer.

The victims would then start getting calls from various numbers obtained using bogus identifications, who would demand money and threaten to post the users’ modified naked photographs online if they did not comply, according to the Deputy Commissioner of Police (IFSO) KPS Malhotra.

The customers used to pay the money, which was ultimately transported to China through hawala or after buying cryptocurrencies, because of social shame and fear, according to the DCP. An individual who was in desperate need of a minor loan of between Rs 5,000 and 10,000 was made to pay back several lakh rupees. Police reported that this has also contributed to several suicides.

This content was originally published here.