Hyderabad: ED to investigate 100 more loan application fraud cases | Hyderabad News


HYDERABAD: Stepping up its investigation into instant loan apps, mostly operated by Chinese nationals and companies, the Law Enforcement Directorate has decided to take on another 100 cases of loan app fraud registered by the Hyderabad Criminal Center.
Hyderabad Police have recorded around 100 cases of fraud and harassment related to loan applications in the past few months. Cyberabad and Rachakonda Police have also reported several cases of loan fraud. Sources said that with instances where a loaned woman was harassed with nude and processed photos and videos, ED officials took notice and decided to crack down on these bogus companies.
An ED source said the agency had received around 45 FIRs of loan fraud applications and expected more. At least 10 accused Chinese nationals are wanted by ED and CCS in various loan application cases.
The ED is already investigating a money laundering case against Chinese-run rogue loan app companies like Linkyun Technology Private Limited and Dokypay Technology Private Ltd.
ED’s investigation revealed international hawala transactions and other illegal activities. He seized 50 crore rupees from the accounts of shell companies linked to the Chinese companies. He also found Dokypay having collections of Rs
1,268 crore and another Rs 120 crore to overseas. About 1.4 crore of transactions worth Rs 21,000 crore on payment gateways and bank accounts linked to these companies have been traced so far.

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