Cyber Crime: The Hyderabad police have busted a Chinese funding racket of about Rs 903 crore and arrested at the very least ten folks together with a Chinese and a Taiwanese nationwide.
The whole racket riveted round a con scheme by luring prospects into investing in a Chinese finance app referred to as LOXAM. The cash was collected from gullible traders by means of deceit and deposited in numerous Bank accounts, opened by their Indian counterparts, co-accused on this racket. In return, all these Indian swindlers pocketed hefty cuts.
Chinese Scam App LOXAM swindles 903 Cr from gullible traders in India
The Cyber Crime Police of Hyderabad whereas appearing on a grievance lodged by a resident of Tarnaka, Hyderabad, arrested the conmen Sahil, Sunny alias Pankaj, Virender Singh, Sanjay Yadav, Navneeth Kaushik, Mohammad Parvez, Syed Sultan, Mirza Nadeem Baig, Chinese nationwide Lec alias Li Zhongjun and Taiwanese nationwide Chu Chun-Yu from numerous areas within the nation. The Hyderabad Police Commissioner CV Anand disclosed that the SCAM was being operated from Delhi and Mumbai.
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The complainant who was lured by one Virendra Singh for investing within the LOXAM App, got here to know that he has been deceived as soon as he deposited Rs 1.6 lacs in an IndusInd Bank account within the identify of Xindai Technologies Private Limited opened by the identical Virendra Singh.
Xindai Technologies and Bentech carried similar Mobile No.
Virendra Singh who was absconding for the previous few days was lastly arrested from a hideout in Pune. He confessed to having opened a checking account within the identify of Xindai Technologies on the orders of 1 Jack (Chinese) and handed the account’s web banking username and password to principal swindler Jack. Another Bank account ‘BENTECH Networks Pvt. Ltd’ was opened by one Sanjay Kumar in Delhi, below the directions of Lec alias Li Zhounjau, and related Bank particulars had been shared with Pei and Huan Zhuan in China. And each ‘Xindai Technologies’ and ‘Bentech” carried the identical Mobile No of their Bank Accounts.
Similarly, they opened 15 different financial institution accounts in numerous Banks at completely different areas and despatched related particulars to ‘Chu Chun-Yu of Taiwan’. Chun-yu, who was briefly residing in Mumbai, forwarded the account particulars, consumer ID, password and SIM playing cards to folks residing in different nations. Sanjay and Virender acquired Rs 1.2 lakh as fee per account which was organized by Li Zhounjau.
Chinese Scam had Hyderabad-Dubai angle
It was additional revealed that funds had been transferred from the account of ‘Xindai Technologies to 38 different financial institution accounts. Hyderabad-based Syed Sultan and Mirza Nadeem Baig had been additionally these few recipients, who opened numerous Bank Accounts on the directions of Mohammad Parvez, from Hyderabad. Parvez in flip shared these checking account particulars with Imran a resident of Dubai. Imran together with others used these two financial institution accounts for funding fraud.
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Hawala Transactions by means of RanjanMoneyCorp – 441 Cr. KDS Forex – 462 Cr
A big sum of money from the 38 accounts of Xindai Technologies went to Ranjan MoneyCorp and KDS Forex Private Limited. Navneet Kaushik of Ranjan MoneyCorp and KDX Forex in flip forwarded the cash acquired in these Bank Accounts to the Forex exchanges run within the identify of ‘International Tours and Travels’. The cash so acquired in rupees was transformed into US $ and delivered to ‘Sahil and Sunny’. The cash changers and Forex Exchanges are licensed by the RBI. However, they had been discovered to have repeatedly flouted the RBI pointers concerning money-changing actions. Sahil and Sunny alias Pankaj joined fingers with different fraudsters and transferred the above cash overseas in hawala mode. The transactions within the account of Ranjan Money Corp, are to the tune of Rs 441 crore rupees in seven months. Another Rs 462 crore rupees transactions had been carried out in KDS Forex Private Limited account. “It has come to light during investigation that the fraud committed through hawala is to the extent of Rs 903 crore. So far, Rs. 1.91 crore have been frozen in various bank accounts in this case,”
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