Two including Chinese national held in loan app fraud case

Hyderabad: Two persons, including a Chinese national have been arrested in a loan app fraud here, police said on Thursday.

The main accussed has been identified as Zhu Wei (Lambo), a 27-year-old from China. He was overall head of operations of the loan app being run by the companies Aglow Technologies Pvt Ltd, Liufang Technologies Pvt Ltd, Nabloom Technologies Pvt Ltd, Pinprint Technologies Pvt Ltd.

In addition, another individual by name K Nagaraju of Kurnool district was also arrested. He played a key role in the operation of call centres.

Shikha Goel, Additional Commissioner of Police, speaking to ANI said, “In an investigation into the loan app frauds registered at Cyber Crime Police Station, Hyderabad, on December 30, a Chinese national was arrested.”

“A preliminary investigation into the financial transactions has revealed that close to 1.4 crore transactions worth nearly Rs 21,000 crores have taken place so far. This volume of transactions have happened over payment gateways and bank accounts linked to these companies. A large number of international transactions have also happened through bitcoins. The bulk of transactions have taken place over the last 6 months. Further investigation is continuing into the financial transactions,” she said.

The questioning of the arrested person revealed that a Chinese national named Yuan Yuan is the person who set up operations in India of the loan app and is presently abroad.

Further investigation is underway.