Loan scam in India allegedly headed by a Chinese Narional

[avikz]

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!

[Vaskiy]

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.

[teosanru]

A loan scam amounting to INR 21,000 Crores (USD 280 Mn) has been doing the round in Indian media.

The report here alleges that some transactions also used digital wallets:

Link1
Link 2

What they found was a record of several transactions amounting to a total of 21000 Crores in form of lending and borrowing with high rates of interest. This was being run by a Chinese national using android apps ans a network of call centers in India.

I wonder if any of you have come in direct contact or know someone who has interacted with these people. It seems like a network of P2P lending which turned sour due to the sheer scale and harassment of borrowers which even led to a tech worker's suicide.

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.

[Sithara007]

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.

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.

[mersal]

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.

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.

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

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.

[iamsheikhadil]

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.

[stompix]

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!

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.

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,

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.

[RealMalatesta]

A loan scam amounting to INR 21,000 Crores (USD 280 Mn) has been doing the round in Indian media.

The report here alleges that some transactions also used digital wallets:

Link1
Link 2

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.

[teosanru]

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.

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. 

[bryant.coleman]

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.

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.

[Atrax]

A loan scam amounting to INR 21,000 Crores (USD 280 Mn) has been doing the round in Indian media.

The report here alleges that some transactions also used digital wallets:

Link1
Link 2

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.

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....

[SmokerFace]

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.

[bryant.coleman]

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.

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.

[SmokerFace]

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.

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.

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.

[Vishnu.Reang]

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.

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.

[Snappycoco]

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.

[TheGreatPython]

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.

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.

[electronicash]

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.

[wiss19]

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.

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.

[SaShiRaJaVu]

~
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.

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.

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.

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.