Hyderabad: ED to probe 100 more loan app fraud cases | Hyderabad News – Times of India


HYDERABAD: Stepping up its investigation into instant loan apps, mostly operated by Chinese nationals and companies, the Enforcement Directorate has decided to take up 100 more loan app fraud cases registered by Hyderabad central crime station.
Hyderabad police have registered around 100 loan app fraud and harassment cases in the last few months. Cyberabad and Rachakonda police have also reported several loan fraud cases. Sources said with instances of a woman loanee being harassed with nude and morphed pictures and videos, ED officials have taken a serious note of this and decided to go after these bogus firms.
An ED source said agency has received around 45 FIRs of loan fraud apps and is awaiting more. At least 10 accused Chinese nationals are wanted by ED and CCS in various loan app cases.
The ED is already probing a money laundering case against rogue loan app companies run by Chinese like Linkyun Technology Private Limited and Dokypay Technology Private Ltd.
The ED probe had revealed international hawala transactions and other illegal activities. It has seized Rs 50 crore in the accounts of shell firms linked to the Chinese companies. It also found Dokypay having collections of Rs
1,268 crore and another Rs 120 crore outward foreign remittances. Around 1. 4 crore transactions worth Rs 21,000 crore over payment gateways and bank accounts linked to these companies have been traced so far.





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