Topic: Loan scam in India allegedly headed by a Chinese Narional (Read 599 times)

I don't think it's only 2-3% Indians there's a good possibility that this '%' could be much more.


I don't think India was late to the party there's also a good possibility that the number is much more disregarding Hype.

And this is a really critical problem - with the help of cryptocurrencies and fraud with them, you can deceive people in big quantity and not bear any punishment for this, because you can very easily hide yourself.
If some impure microfinance organization working with Fiat will behave like this, it will immediately be closed, convicted, fined and returned (not always, but still) the money to the victims.
With cryptocurrency, you sometimes can't even know who is really behind all this and you have no one to complain to. Until this is fixed, any talk that "everyone needs cryptocurrency" is as pointless as fighting Poseidon by throwing spears into the water.

I disagree, it's not the borrower's fault at all for failing to check if a company is registered or not, it's the RBI and the government should check if there are any institutions or company which are doing illegal business by providing short term loans and collecting heavy interest and also insulting and threatening the victims. Government should order playstore to ban such apps, because there are many people who might need money urgently and they aren't really educated enough and they get trapped into such apps, should we blame them? It's the government who should prevent such apps and companies from doing their business in our country.

The micro loans have nothing to do with cryptocurrency and they are providing high interest loans without regulations from RBI and it is illegal as it could break people and there are people who committed suicide because of the high interest rates.

Harassing the victims is their first duty if they are not able to pay the loan in time, they then call the relatives and inform them that you are owing them money and these sort of harassment will break people.

I don't know how this is related to crypto because the loans they provide it seems were in fiat and with absurdly high interest rates to make the borrowers suffer but it has no connection with crypto I believe.

I am actually surprised they were able to get their money back from victims by abusing, defaming and harassing them as mentioned in the article because any grown men would just avoid any of these threats and ignore them. I mean these companies were running illegally so they can't force their client/borrowers into paying them legally.

this is odd. in my country, it's the Indians that provide loans with high-interest rates. they take every penny of the small businesses which the loan is widely known as 56, its basically taking a loan of 10K and the interest will be 2K, this is about 20%. the only difference is that they don't access the online data of their customers.

feel sorry for those who committed suicide due to their loans and humiliated online.

Yeah, the similar information is mentioned in the OP. I am surprised how such kind of scams are possible when lending is a kind of thing which involves a lot of paper work in real life and person taking money no matter how innocent or naive, will always read all the terms and conditions mentioned. Also wonder why they didn't take the help of police when they were forced to make repayments with astonishingly high interest rates.

Maybe some local authorities are also involved or maybe because they signed on the papers with those interest rates is the reason even the police is unable to interfere much but at least the police can ensure they cannot threaten others for repayment.

In this times of nothingness, one must have the courage to sacrifice all just to survive. I know many were trapped by these scammer due to uncertainties of events happening to the world and its sad seeing these people. Awareness to these kind of acts must be totally be prioritized.

The number of Bitcoin users may be quite large in India (anywhere from 2 million to 10 million). But the volume of Bitcoin held by them is quite small when compared to the case in other countries. Out of the total circulating supply of 18.7 million, only around 2-3% may be held by Indians. Because India was quite late to the party. Bitcoin hype started here from 2017 onwards, while in other countries the adoption started much earlier.

I think there's a possibility of hidden power trying to make Indians sell their bitcoin because the amount of bitcoins owned by Indians is huge.
And this is not the first time we're seeing this like News faking bitcoin ban.

LOL.. the Indian government is run by a few illiterate retards, who will go after a bounty hunter who receives $100 for his two months of work, but they don't have the balls to go after the oligarchs and criminals who loot billions of USD. In this case, I believe that the transaction was divided into several smaller amounts, directed into tens of thousands of different bank accounts. Obviously, the Chinese loan sharks turned out to be much more intelligent and smart compared to the illiterates who run the Indian government.

Thanks for informing us, Let me add something additionally concerning this news, This Chinese man is presently captured and his named was Zhu Wei and its 55 years old and has a place with Jiangxi region. It was Hyderabad police who capture him while he was leaving the country. I am wondering that the Indian government will in general boycott PUBG and TikTokbut still somehow allowed the transaction of 21,000 CR.

Let me guess: Scamming is an easy way to become super rich - that's why you bought your Bitcointalk-name on the black market, right? You are not RealMalatesta....

You should look in to both the sides. In many cases, the loans are being taken by young people who are addicted to gambling or games such as online rummy. These inexperienced people believe they can become millionaires overnight and then get ruined financially by chasing after the losses. At least in 50% of the cases, the victims will be those who took loans to indulge in gambling.

There are a lot of laws around this. You can't even open a loan providing company or what we call a Non-Banking Financial Company in India without the approval of RBI. There are penalties if you open one without permission. Once you get registration you are regularly administered and can be sued if you do anything wrong. So I think every borrower should keep this caveat in their minds whenever they seek money to only take loans from apps or websites which are registered with RBI generally the companies would show this as a bold Banner because RBI mandates them to do so I think it's the borrower who should stay aware about all such things. 

There are scams all around the world every year, we are talking about the whole world here and there is really no reason to tie it to Chinese nationals aside from the obvious political rivalry and how china wants to get everyone's money to their own nation. But scamming is a big part of the world that will always forever continue, there were scammers over 3 thousand years ago, and there are ones today as well, as long as there are ways people could make easy money, they will continue to do that without a stop.

Unfortunately scamming is the easiest way to become super rich, but it is also the most dangerous way because there is very small chance you could actually become super rich without disturbing anyone important and when you do that, you end up getting chased a lot more, you can't just stop and say "haha scammed you, bye bye" because they will chase you everywhere. Sure some get away with it, but majority do not.

They didn't hack anything.
All these shady apps require access to your contacts, the moment you install them and agree to give them access is the moment the owners of the app have all your contact details, phone number and name, and they did that for thousands so they probably have quite a large database, now a bit of linking the names and the phones and if you made the stupid mistake of saving your married lover's phone in it you're done for it.

So it is highly possible they have yours too, or some of your other members of your family.


Do you think fleeing a country is that easy?
I've lived under a communist regime for two decades, there were a few that escaped to the western countries but most didn't, not because they liked the regime but because of means to do it, language barriers once you're out, leaving families behind. It's easy to say that from far away but try to pack your bags kiss your family goodbye, maybe forever, knowing that you leave them in a country that sees them as the family of a traitor and embark with no money to a country you know nothing about.
Picture yourself in a foreign country with no relatives, no housing, knowing 10-20 words, a little money in your pocket, and no ideas what to do next.
And suddenly you're going to care less about politics and more about what's for dinner.

The concern isn't related to just one app though. If you search on playstore, there are thousands of "instant loan" apps and many of them are based on India as well. These loan providers doesn't give loan for many months, they give for tenures like 7 days or 15 days with very very high rate of interest. I have had experience with one such app, and if you are late for repaying by even one single day, they will start to call your contacts and threaten them even. It's high-time that government should do something about these apps and their owners. These app owners and their collection team should be immediately jailed without any parole for atleast 10 years. Their harrasment has lead to suicide of many victims.

If you take a look at those particular loan apps, they don't need any collateral all they need is your KYC documents which can be given by anyone who doesn't even have any job. But these apps will take some amount for the interest which is a huge amount compared to the loan we are taking and the remaining one will go into the bank account and the loan money should be paid full in a certain time like one week or 10 days if not then the issues will start to raise for the defaulter. But in banks, they will give the full loan amount and collect the interest rate along with the capital only.

Some of the posters have already pointed out that apart from a couple of Chinese nationals, most of the scamsters were Indian nationals. So I don't think that there is any point in highlighting the "Chinese" link. The Indian media want to sensationalize the news and may resort to such cheap tactics. I hope the authorities will not get carried away by it. The primary concern should be to help those who got victimized as a result of this scam.