Scam Alert

Scam Alert: Chartered Accountant Arrested in ₹750 Crore Chinese Loan App Fraud Targeting Thousands of Indians

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Scam Alert

Major Cybercrime Operation Exposed in India; International Links Revealed

New Delhi, July 6, 2025:
In a major breakthrough in India’s cybercrime investigation landscape, the Uttarakhand Special Task Force (STF) has arrested a Delhi-based Chartered Accountant for allegedly orchestrating a multi-layered scam worth over ₹750 crore. The fraud, involving fake digital loan apps and cyber-extortion, targeted thousands of Indian citizens across the country.

The accused, identified as Abhishek Agarwal, was arrested at Indira Gandhi International Airport, Delhi, under a Look Out Circular (LOC) issued in connection with an interstate cyber fraud case. He was later presented before a court for legal proceedings.

Summary of the Scam

  • Over 15 fraudulent digital loan apps used

  • More than ₹750 crore laundered through shell companies

  • Victims were blackmailed using personal data extracted from phones

  • Chinese cyber syndicate involvement confirmed

  • 35–40 shell companies created to route illegal funds

  • Investigation spread across multiple Indian states and international jurisdictions

How the Fraud Was Carried Out

Abhishek Agarwal, a Chartered Accountant by profession and resident of Ashok Vihar, North West Delhi, is alleged to have masterminded the large-scale cyber fraud by collaborating with Chinese nationals. The scam exploited unsuspecting borrowers by offering quick loans through fake mobile applications.

These apps, including Inst Loan, Maxi Loan, KK Cash, RupeeGo, and Lendkar, promised instant disbursal of loans with minimal documentation. Once users downloaded the apps and provided permissions, the operators gained access to their phones, including contacts, messages, and photos.

This personal data was then used to blackmail the victims. In many cases, edited or morphed images were sent to their contact lists, accompanied by abusive and threatening messages, to force repayments with exorbitant interest and penalties. Many victims paid to avoid social embarrassment, harassment, and psychological stress.

Shell Companies and Money Laundering Channels

The STF investigation uncovered that Agarwal had created approximately 35–40 shell companies to facilitate the laundering of scammed funds:

  • 13 companies were registered under his own name

  • 28 were under the name of his wife

  • Several entities had Chinese nationals as co-directors

These companies operated a web of bank accounts through which the fraudulent money was routed and disguised as legitimate transactions. Financial analysis so far has revealed transactions worth over ₹750 crore across various accounts.

International Connections and Chinese Cybercrime Links

Agarwal’s role extended to helping bring Chinese nationals into India between 2019 and 2020 to assist in setting up the scam’s infrastructure. Investigators found that he had personally traveled to Shanghai and Shenzhen in 2019, which they believe was for coordination with his foreign counterparts.

During interrogation, Agarwal provided the names of five Chinese nationals involved in the scam:

  1. Difan Wang (also known as Scott Wang)

  2. Zhenbo He (also known as Leo)

  3. Miao Zhang (also known as Cicero)

  4. Yongguang Kuang (also known as Bolt)

  5. Wenxue Li (also known as Force)

The STF is working closely with central authorities and Interpol to trace these individuals and assess the broader international dimensions of the fraud.

Other Arrests and Raids

This arrest follows the earlier apprehension of Ankur Dhingra, another key figure connected to the operation, from Gurgaon. Dhingra was associated with a company named Hector Lendkaro, believed to have developed and managed some of the fraudulent loan apps.

In a related operation in 2023, a call center in Aurangabad, Maharashtra, suspected of being part of the same fraud network, was raided. Officials recovered SIM boxes and other digital communication devices believed to be used in targeting victims and coordinating the fraud.

Items Seized During Arrest

The STF recovered the following items from Abhishek Agarwal at the time of his arrest:

  • Smartphone

  • Passport

  • Indian and Thai currency

  • Power bank

  • Digital storage devices

  • Rings

  • Apple Watch

All items are being examined as part of the forensic investigation.

Law Enforcement Comments

According to Navneet Singh, Senior Superintendent of Police (STF Uttarakhand), the case was originally registered in December 2022. He confirmed that this was one of the most extensive and organized digital financial frauds investigated in recent times.

The investigation is being spearheaded by Additional SP Swapna Kishore, Cyber Deputy SP Ankush Mishra, and Inspector Vikas Bhardwaj from the Cyber Crime Police Station in Dehradun.

Data from bank accounts, WhatsApp conversations, call records, and mobile numbers has been collected and analyzed as part of the ongoing investigation.

Impact on Victims and Public Warning

Thousands of Indians across various states have been affected by this scam. Most victims were low-income individuals or people in urgent need of funds, who were unaware of the risks involved with unverified digital lending platforms.

Some victims reported paying up to ₹50,000 in so-called “repayments” for loans as small as ₹3,000 or ₹5,000. The blackmail tactics created immense psychological pressure, leading to financial distress and mental trauma.

Authorities have advised the public to:

  • Only use RBI-authorized loan apps

  • Avoid granting sensitive permissions to unknown applications

  • Report any harassment or suspicious financial activity on the Cyber Crime Portal

What Happens Next?

With the involvement of foreign nationals and cross-border financial trails, the investigation is expected to expand internationally. Interpol and multiple Indian state police departments are now coordinating to uncover the full scope of the fraud.

The government may also introduce tighter digital lending regulations, stricter KYC norms, and enhanced consumer protection mechanisms in the fintech space.

CreditSamadhaan’s Expert Insight

This case serves as a wake-up call about the risks of unregulated digital lending. As India’s fintech ecosystem rapidly expands, it is critical that consumers are aware of the dangers of fraudulent apps and that policymakers impose stringent oversight to prevent such large-scale scams.

CreditSamadhaan recommends users:

  • Verify loan apps before downloading

  • Use official websites or RBI’s registered lender list

  • Avoid sharing personal data or granting unnecessary permissions to unknown apps

  • Report cyber fraud immediately and preserve all communication evidence

Stay Updated with CreditSamadhaan

For more verified updates on financial frauds, scams, loan-related issues, and credit score protection, visit www.creditsamadhaan.com

If you have been affected by a fake loan app scam or suspect such activity, report it immediately on cybercrime.gov.in or your nearest cyber police station.