App Loan Scam: Chinese companies earned thousands of crores without investment!
During the lockdown period lakhs of people in India mainly the youth turned unemployed. This made them dependent on loan lenders and apps that offer Instant Loans without paperwork.
The Police investigation has found out that several companies from the Dragon country China are behind the online loan apps scam which resulted in several victims losing their lives due to the harassment by the loan lenders.
Reports claimed that just four Chinese companies have done the damage in a span of just six months. It is said that these companies have joined hands with illegal and unauthorised loan apps. The companies have earned thousands of crores in the process.
Before reaching India, these Chinese companies have worked and prepared a plan on how to offer loans to the customers. The shocking part is that these companies have not even made a single penny as investments.
Back in January 2020, a Chinese national identified as Zhu Wei (Lambo), Jennifer, Zixia Zhang, and another Chinese national reached India. They landed in India with a full plan.
They have started companies to lend loans to the borrowers. Indians were appointed as the directors of the companies. Aglow Technologies Pvt. Ltd., Liufang Technologies Pvt. Ltd., Nabloom Technologies Pvt. Ltd.,Pinprint Technologies Pvt. Ltd are the four companies set up to lend loans.
The scam was unearthed after the Hyderabad Cops arrested Zhu Wei (Lambo) and a Kurnool resident K Nagarjun. When questioned, they revealed all the details on how they planned this.
The Chinese Companies have contacted the non-banking firms that lend loans from Delhi and other cities. The companies made agreements with them that they will identify the beneficiaries to lend loans.
On top of this, they will take care of all the recovery of loans including the interest. They have fixed the interest rate at 15 percent. The Chinese companies have collected 30 percent interest from the borrowers and paid 15 percent to the Indian firms. The Chinese companies have harassed the borrowers to a level that, many victims ended their lives.
The Police investigation has found out that several companies from the Dragon country China are behind the online loan apps scam which resulted in several victims losing their lives due to the harassment by the loan lenders.
Reports claimed that just four Chinese companies have done the damage in a span of just six months. It is said that these companies have joined hands with illegal and unauthorised loan apps. The companies have earned thousands of crores in the process.
Before reaching India, these Chinese companies have worked and prepared a plan on how to offer loans to the customers. The shocking part is that these companies have not even made a single penny as investments.
Back in January 2020, a Chinese national identified as Zhu Wei (Lambo), Jennifer, Zixia Zhang, and another Chinese national reached India. They landed in India with a full plan.
They have started companies to lend loans to the borrowers. Indians were appointed as the directors of the companies. Aglow Technologies Pvt. Ltd., Liufang Technologies Pvt. Ltd., Nabloom Technologies Pvt. Ltd.,Pinprint Technologies Pvt. Ltd are the four companies set up to lend loans.
The scam was unearthed after the Hyderabad Cops arrested Zhu Wei (Lambo) and a Kurnool resident K Nagarjun. When questioned, they revealed all the details on how they planned this.
The Chinese Companies have contacted the non-banking firms that lend loans from Delhi and other cities. The companies made agreements with them that they will identify the beneficiaries to lend loans.
On top of this, they will take care of all the recovery of loans including the interest. They have fixed the interest rate at 15 percent. The Chinese companies have collected 30 percent interest from the borrowers and paid 15 percent to the Indian firms. The Chinese companies have harassed the borrowers to a level that, many victims ended their lives.