Entities with suspected China links have been orchestrating a multi-crore scam in India through digital-loan apps. According to a recent report by a fraud-detection and cybersecurity-research firm, loan sharks are predominantly using tier-II cities as hubs to operate their network involving money mules and recovery agents.
Digital loan sharks with suspected China links, who have been preying on financially strained Indians since the onset of the pandemic, are tightening their grip on the country’s underbanked population through a network of money mules and recovery agents in tier-II cities. These entities offer instant short-term loans, usually for seven days, with minimal documentation to desperate customers through loan apps at exorbitant interest rates. Their
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