Chinese National Arrested after Detecting Transactions Worth INR 21,000 CR

After five borrowers committed suicide as they were not able to bear the harassment by recovery agents, the fraud drew ....
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After five borrowers committed suicide as they were not able to bear the harassment by recovery agents, the fraud drew many eyes’ attention. The latest fact that came into the picture, as per the Telangana Police was that in this online instant loan application transactions worth INR 21,000 crore were detected.

Following the inquiry procedures, the police have arrested a Chinese national staying in Delhi on Wednesday night.

Head of operations, Aglow Technologies Pvt. Ltd., Liufang Technologies Pvt. Ltd., Nabloom Technologies Pvt. Ltd., and Pinprint Technologies Pvt. Ltd., is a twenty-seven-year-old Zhu Wei aka Lambo, hailsa.

The preliminary investigation done by Additional Commissioner of Crimes and SIT, Shikha Goel informed how 1.4 crore transactions had taken place via that application-based loan company and the sum that was transferred in this application amounted to around INR 21,000 crore.

As per the statement of the Additional Commissioner of Crimes and SIT, a Bulk number of transactions took place in the course of the past six months. Adding to her statement she described the nature of these transactions, “These volumes of transactions have happened over payment gateways and bank accounts linked to these companies and a large number of international transactions have also happened through bitcoins.”

After five borrowers from this service committed suicide, this fraud case which was in a dark corner has come into the light. On further investigation of Police, they have revealed seventy-two such applications that are granting money to people without following the guidelines and approvals of the Reserve Bank of India and the tie-ups with banks and registered NBFCs.

The investigation is still on while the police files are already flooded with dozen cases on fraudulent companies.

 

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