Cyber Crime: The Hyderabad police have busted a Chinese investment racket of about Rs 903 crore and arrested at least ten people including a Chinese and a Taiwanese national.
The entire racket riveted around a con scheme by luring customers into investing in a Chinese finance app called LOXAM. The money was collected from gullible investors through deceit and deposited in various Bank accounts, opened by their Indian counterparts, co-accused in this racket. In return, all these Indian swindlers pocketed hefty cuts.
Chinese Scam App LOXAM swindles 903 Cr from gullible investors in India
The Cyber Crime Police of Hyderabad while acting on a complaint lodged by a resident of Tarnaka, Hyderabad, arrested the conmen Sahil, Sunny alias Pankaj, Virender Singh, Sanjay Yadav, Navneeth Kaushik, Mohammad Parvez, Syed Sultan, Mirza Nadeem Baig, Chinese national Lec alias Li Zhongjun and Taiwanese national Chu Chun-Yu from various locations in the country. The Hyderabad Police Commissioner CV Anand disclosed that the SCAM was being operated from Delhi and Mumbai.
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The complainant who was lured by one Virendra Singh for investing in the LOXAM App, came to understand that he has been deceived once he deposited Rs 1.6 lacs in an IndusInd Bank account in the name of Xindai Technologies Private Limited opened by the same Virendra Singh.
Xindai Technologies and Bentech carried same Mobile No.
Virendra Singh who was absconding for the last few days was finally arrested from a hideout in Pune. He confessed to having opened a bank account in the name of Xindai Technologies on the orders of one Jack (Chinese) and handed the account’s internet banking username and password to principal swindler Jack. Another Bank account ‘BENTECH Networks Pvt. Ltd’ was opened by one Sanjay Kumar in Delhi, under the instructions of Lec alias Li Zhounjau, and relevant Bank details were shared with Pei and Huan Zhuan in China. And both ‘Xindai Technologies’ and ‘Bentech” carried the same Mobile No in their Bank Accounts.
Similarly, they opened 15 other bank accounts in various Banks at different locations and sent relevant details to ‘Chu Chun-Yu of Taiwan’. Chun-yu, who was temporarily residing in Mumbai, forwarded the account details, user ID, password and SIM cards to people residing in other countries. Sanjay and Virender received Rs 1.2 lakh as commission per account which was arranged by Li Zhounjau.
Chinese Scam had Hyderabad-Dubai angle
It was further revealed that funds were transferred from the account of ‘Xindai Technologies to 38 other bank accounts. Hyderabad-based Syed Sultan and Mirza Nadeem Baig were also those few recipients, who opened various Bank Accounts at the instructions of Mohammad Parvez, from Hyderabad. Parvez in turn shared those bank account details with Imran a resident of Dubai. Imran along with others used these two bank accounts for investment fraud.
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Hawala Transactions through RanjanMoneyCorp – 441 Cr. KDS Forex – 462 Cr
A large amount of money from the 38 accounts of Xindai Technologies went to Ranjan MoneyCorp and KDS Forex Private Limited. Navneet Kaushik of Ranjan MoneyCorp and KDX Forex in turn forwarded the money received in these Bank Accounts to the Forex exchanges run in the name of ‘International Tours and Travels’. The money so received in rupees was converted into US $ and delivered to ‘Sahil and Sunny’. The money changers and Forex Exchanges are licensed by the RBI. However, they were found to have repeatedly flouted the RBI guidelines regarding money-changing activities. Sahil and Sunny alias Pankaj joined hands with other fraudsters and transferred the above money abroad in hawala mode. The transactions in the account of Ranjan Money Corp, are to the tune of Rs 441 crore rupees in seven months. Another Rs 462 crore rupees transactions were carried out in KDS Forex Private Limited account. “It has come to light during investigation that the fraud committed through hawala is to the extent of Rs 903 crore. So far, Rs. 1.91 crore have been frozen in various bank accounts in this case,”
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