In a major development, Hyderabad Police has filed a charge sheet in connection with a Rs 30,000 crore online money lending racket which is allegedly based out of China, reports Hindustan Times.
The police have so far arrested 28 persons in the case including Zhu Wei alias Lambo and three other Chinese nationals. It should be noted that Wei is a prime accused in the case. Meanwhile, the kingpin of the entire racket, Zixiz Zhang alias Jennifer is still absconding.
The online lending racket was busted by Hyderabad Police in December 2020.
As per the details shared by the Police in the charge sheet, the entire racket was operated from Shanghai and the modus operandi was to offer instant loans through mobile applications to individuals. Once customers installed the app, the company would get access to all contacts and other data from the mobile phone. They would then transfer the loan amount to borrowers after deducting 25 per cent to 30 per cent.
Several such instant loan applications including Loan Gram, Cash Train, Cash Bus, AAA Cash, Super Cash, Mint Cash, Happy Cash, Loan Card, Repay One, Money Box and Monkey Box were hosted on Google PlayStore as per the charge sheet.
The racket also set up four call centres in India and hired executives to collect exorbitant repayments from the borrowers after adding interest, processing charges, GST, and default charges, police said.