Topic: Loan scam in India allegedly headed by a Chinese Narional - page 2. (Read 677 times)

I am surprised such things don't get spark in mainstream media. A scam worth suge high isn't shown on tv by any channel and merely reported as news article. i think that's too reported merely because there is a Chinese connection. But coming back to the point I am surprised to see such a huge number of 21000 crore. I believe this would be the worth of total loans. These media houses have a habit of attaching huge number to make stories look attractive. This must be the amount of loans these people must have given. And when they are demanding their own money back they have been made the culprits of the whole thing. Technically, almost every NBFC in India does the following.
1. Charges exorbitant rates as high as 20-30%
2. Harras users when they don't repay back the money

Technically the only fault they did was not registering themselves with RBI and meeting the statutory requirements.

I think all the people talking and comparing this with bank loans Don't really know the concept of NBFCs in India. The people who are not able to get loans through banks generally approach such NBFCs. Sub standard loan groups are generally catered by these companies but their registration is mandatory by law.

In the news saw about the loan scam in India. The Chinese people are found connected to the scam. As of now a small team has developed fee applications from an Singapore based company and has issued instant loans and getting heavy interest on repayment. In a very short time period more than ₹21000 crore has been transacted. This is huge and a 27 aged Chinese nationality is found to be the head.

The level of harrassment is just too much in such loan apps! My wife started receiving calls from one such app's collection agency for some other person at least 3 times daily! Turned out that the loan was taken by a guy who was our car salesman working for Nissan! Since the car is in my wife's name, that guy had my wife's number saved in his mobile! So they have hacked into his mobile to get the phonebook and randomly calling people to let them know that this guy is a loan defaulter! This is just next level!

I am glad that finally police has started noticing it and taking action! These miscreants should be jailed!

Heard about this recently. Sad to see these things happening even after so many crypto related scams have been revealed in the last couple of years.

The scammers smartly constructed Ponzi style schemes and gullible people fell for it. They probably didn't care about checking reviews or anything and got greedy due to which they got screwed.

Always do your research people before investing in any sort of business(Crypto or non-Crypto).

I have always said that you can't trust Chinese people, not because of any racist thing, because of political. Chinese people who managed to get away from china and lives somewhere else, and lives a decent life is still 100% fine and they are great people.. probably? I mean humanity is not great in any race frankly but they are at least as bad as any other race let's say.

But anyone who is Chinese and stays Chinese and doesn't run away from the communist party, means that they are tied to it, and that communist party of china is willing to let the whole world destroyed if it means they will be the last ones to die, I am not even joking, offer China an option like "the whole world will die nation by nation, each nation will die for one month, and the last nation to die will be yours", they will take that deal, they are that devil and evil.

You are right. The present situation in our country is such that there is free media only to put up a face to the world. You can ask questions but not to those in power. Why? Well because they are in power and must have the best of everyone in their minds when doing something. If you question them, that just means you are an Elitist/ Intellectual==>Leftist/ Commie==>Anti-national, in that order.

Though I wouldn't under-play the Chinese factor so easily. Nor should any of the other countries that have seen Facebook/ Twitter propaganda distort the narrative. Twitter is a strange beast. There is the Kashmir story where Pakistani handles do their best to exploit. During the recent standoff, both sides were busy trying to portray it their own way. While these were on a strategic scale, such scams being run by individuals aren't much of a surprise considering how fast the Chinese adapt and grab an opportunity.

And yeah, there are those of us who still question the media narrative and want these people to be brought to law.

The Indian tele-callers were the biggest cause behind the suicides because they would know the best ways to harass a fellow citizen. The Chinese were their just to manage the shows and "invest". The story has pretty much already lost steam in mainstream media.

When a stand-up comedian in the past said that Chinese love their money, I did not think it is by this much. These people would really organize a large scale scamming organization like this amidst the heavy hitting of the pandemic outside of their own country where people will easily persecute and generalize them. It's like these people are made to withstand criticisms from other people long as they profit from it. Quite sickening if you ask me. That's why Loan Sharks are a booming business in third-world countries. These people know how important money is to a poor joe and would do what it takes to make sure the person they are interested in would take a loan from them.

When it comes to China vs india do these people just realize that they are making wrong mistakes not just it would cost them years in jail but also have fights ivey them in nations.
Scams are really common thank you for sharing your news. I do think that the most simple minded people do get caught up in things like these but now they have the guy I do hope something can be done to return the money of those poor people.


There is no such thing like easy loans!!!
You need to trust banks more in this case.


Banks ?? Collateral?? Even without all this you would have to wait lonnnngggg.... I have to wait almost a year to get my student loan through in the end taking normal loan from other people are the only options. Banks don't help man !!

Easy loans always have hidden agenda butbthe financial status of the people get them trapped in such traps and en up paying huge or even giving up their life. Heard that those loan apps taken sensitive data like private photos, contacts and call history of someone who took loan which was later used to blackmail the defaulters. I think this should be taken care if government since it looks like exceeding the limits given by government.

Everyone is blaming the "Chinese" running the business but nobody said a word about one other thing:


The ones doing the blackmail and the verbal abuse that might have led to the suicides were Indian nationals, they were doing the entrapment they were doing blackmail, if I'm telling somebody how he can scam somebody and he goes on scamming him and threatening him who is morally to blame more?
Yeah, let's blame China and forget that the ones pulling the trigger were your own citizens.

Yeah he was taken into custody in pretty dramatic fashion right at the airport. Say whatever we may about the communal tendencies of our present government, they don't go easy when it is time to flex muscles. Everybody remembers how certain rich businessmen were allowed to "slip through" in earlier times.

You are right about how huge that figure is. At a time when people were struggling to have ends meet, this whole nexus was operating to entice these desperate people, charge them exorbitant interest rates and nobody even got a whiff till 3 people committed suicide. A search for loan apps on Google store throws up hundreds of results. For those who haven't used such an app, you wouldn't even know they exist. Lets just hope that the news doesn't get buried and the whole nexus is caught. Pretty sure that many people are falling prey to these apps.

I am sorry for what is happening in a nation like India and in the midst of the pandemic crisis. I think that government entities should be vigilant of these fraudulent apps so as not to allow them to operate under any circumstances. I think the security measures and controls have failed because if it had been different, these apps would not reach the citizens.

Thanks for the link. That article too talks about bitcoin being used for high value transactions.


The media seems busy with other issues so for now this is just another "banking scam". Nobody seems worried and its not a major political issue. RBI has issued a warning stating consumers to beware of loan apps. They have some kind of loan aggregator app. Like an Uber for loans. These connect to the Chinese run apps which start demanding repayment in 7 days. The recent surge in BTC prices may have been a factor for the lenders to pressurize the people. This articles shares some details about how people took loans during the pandemic to meet immediate expenses and were then harassed on social media in front of friends and relatives leading to 3 suicides.

I hope the Indian tele-callers who were part of the call center workforce harassing these people are dealt strictly by law.

This is "easy scam" in the India. People are very broke and desperate for getting quick loans which makes them susceptible to enrol into such fraud processes.
Literally I am also getting big amount of messages every day who ask for KYC details and OTP's without any hesitance. The unbelievable thing is, how they get our mobile numbers and how do they dare to publish their scam apps and offers to us.

There are some apps like Dhani App, who lend money but are based on trusted company however, more similar apps started to get published after pandemic outset thus making it confusing for other people. Many of them got screwed due to this.

I've thought of an article that just popped out on my feed that's related to a scam caught on airport and when I've compared that news, this seems to be exact as it is. Chinese nationals were caught before flights and an Indian colleague was also caught.

Loan apps scam: Chinese held at IGI before flight

India has one of the cheapest and most widespread internet and telecommunication infrastructure compared to any other part of the world. Couple this with a huge base of English speaking young population looking for jobs but staying unemployed. A lot of Indian citizens regularly suffer as they have money siphoned out of their bank accounts as young people masquerading as bank employees will call and compel you to divulge important information.
The worst to suffer are the elderly in India as well a west. The videos by Jim Browning are heartbreaking at times.

The law and order is very lax and outdated in catching and prosecuting these criminals. These are just the limitations on technical capabilities. Police in major metropolis have smartened up and have been busting a lot of these scams. The scammers just shift to jurisdictions in the hinterland where a police station incharge would have a hard time operating his own smart-phone, let alone catch the relatively high-tech scammers.


When you say SEC, Does that mean its USA you are talking about. It'll be great if you can share some links to such cases and what was done to manage them.


The chinese are intelligent scammers adept at all forms of cyber espionage, cyber bullying and setting the narrative. Just look at what Justin Sun has pulled off with TRON through sheer marketing and social media warfare. Yet, Indian media and establishment is yet only capable of linking everything to chauvinism and nationalism. Even if the Chinese were gathering data about Indian users and somehow undermining the establishment, nobody at the top cares about the intricacies. They would rather engage in street warfare and inciting communal divisions to benefit and solidify their vote base.

Indian scam call centers are definitely branching out their scam expertise. This is the first time that I have heard of such scam, most Scam Call Center in India is doing Tech Support Scams, IRS Scams, Refund Scams and Vacation Scams, although there are some that meddles with cryptocurrency, I never bat an eye because most scammers tend to go for the cold hard cash. This scams are really tainting the reputation of the hardworking and honest Indians, even their people are mad at these type of people. This one scam though is something that is pretty impressive because they even have an app to make it look legitimate.

I didn't come into direct contact with this scam. But why are always the big scam schemes based out of India? The reputation of the country is so bad that now already attracts foreigners to setup their scams in India? Honestly, I wish the Indian government would go harder against the scams. There should be much harder punishments for scammer with 10 year prison sentences and more.

Third world countries are very vulnerable to these type of scams. People with low knowledge about these schemes get easily tricked by bad actors, they don’t even verify the legitimacy of a particular company and blinded by high returns of their investments. Even if the SEC imposed strict regulations and warnings many people are still ignorant to this matter.

We have something like that in our country and they are many of these here they have an application where they offer 10 to 20?% interest what's worse is the hidden charges, and if you failed to pay on time, they are going to harass you on social media, glad that our SEC have issued warnings against these loan application loan scam are also operated here by Chinese they made it a country to country operation.