Under the pretext of instant loans, the scam operating from China to blackmail people and charge excess interest rate and amount has come to the fore in four states besides Gujarat. The Cyber Cell has initiated the proceedings to inform the other four states.
After disbursing a loan of Rs. 2.69 lakhs to a youth from Baroda through Chinese app, he was blackmailed and the gang recovered Rs. 7.29 lakh from him. Even after recovering excess amount from him, a youth named Umang Patel threatened to file a bogus case against him. Umang threatened him that he will be imprisoned for life in the case, if he do not unblock the blocked bank account. Following thorough investigation, Cyber Cell ACP busted the Chinese loan scam.
Later, Cyber cell nabbed fraudster Umang Patel, a resident of Kavitha village in Sankheda taluka near Vadodara, and arrested four others including CA Amit Goyel, who was working with him. The gang has executed transactions of crores of rupees in nearly 30 bank accounts by setting up 10 bogus companies.
Police investigation revealed that the network of the gang has been operated from China. Chinese crooks are involved in operating a network in Gujarat, Telangana, Orissa, Bihar and Karnataka. Details of the Bank accounts and SIM cards were sent from Baroda through courier in these states.