India Cracks Down on Chinese Loan App Scams Linked to Global Cyber Warfare

INIndia|

Indian authorities are intensifying their efforts against Chinese-linked loan app scams, which have reportedly resulted in global losses exceeding $3 billion since 2020. The Enforcement Directorate (ED) has recently arrested two individuals, Sayid Muhammad and Varghese TG, for their involvement in a fake loan app scheme that deployed around 500 mule bank accounts and processed approximately ₹719 crore (around $86 million) obtained from scam victims.

According to ED sources, the operations rely heavily on data harvesting, extortion, and money laundering through cryptocurrencies. Indian officials have pointed to the direct involvement of Chinese government entities, including the Communist Party, in orchestrating these scams. The apps, including My Cash and Cashbean, have reportedly trapped users through threats and blackmail, leading to at least a dozen reported suicides in India.

The ED's investigation highlights sophisticated tactics employed in the scams, which include infiltration, comprehensive data collection, and international money laundering. The scope of these scams spans multiple countries, including Nigeria, Kenya, and the Philippines, raising concerns over their impact on global economic stability.

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