New Delhi (23.08.2022): Suspicious Chinese apps continue to be a menace in India even though the Government of India took stern action against them. Recent media reports regarding the proliferation of fraudulent Chinese loan apps landing many in financial crises have captured public attention.
The Intelligence Fusion and Strategic Operations (IFSO) Unit of Delhi Police Special Cell recently busted various modules of instant loan applications with Chinese connections. 22 people have been arrested so far for allegedly siphoning off Rs 500 crore to China through various routes, sources believe. The arrested individuals were working at the behest of Chinese nationals.
According to informed sources, the Serious Fraud Investigation Organisation (SFIO) is investigating over 1,600 complaints of such financial cyber frauds through Chinese apps. Most of these apps are involved in the loan and extortion racket in India.
The substantial technical analysis found that these apps were seeking "malicious permissions" from the user.
Once these apps obtained the access permissions, they used to upload the contacts, chats, messages, and images of the user to the servers based in China and Hong Kong. The analysis of the money route also revealed that the money was being routed to China through hawala and crypto-currencies.
Many Chinese apps mushroomed during the Covid-19 pandemic, by using shady terms, while offering quick loans, especially targeting the rural population and unemployed youths.
Chinese digital instant-loan apps like Timely Cash, Y Cash, Momo, CashBus, Fast Rupee, Robo Cash, Cash Mama, Kissht, and Loan Time, etc. offered easy loans to Indians thus successful in reaching more than a million borrowers.
It is worth mentioning here that India had, in February this year, blocked 54 apps with Chinese links over security and privacy concerns.
