News

Rs 903 Crore Investment Fraud Spanning China, Taiwan Detected In Hyderabad


Rs 903 Crore investment fraud extending from China, Taiwan discovered in Hyderabad

Hyderabad Police said they will write to the Department of Enforcement and other Central Authorities

Hyderabad:
A Chinese investment fraud of Rs 903 crore across India, China, Taiwan, Cambodia and UAE, has been uncovered by Hyderabad police. Ten people – including a Chinese and a Taiwanese citizen – were arrested.

Here’s your 10-point cheat sheet in this big story:

  1. Scammers used online investment apps to attract investors. Money was put into virtual accounts and through authorized currency exchange and exchange companies, to be illegally transferred out of the country, exploiting loopholes in the legal framework.

  2. “We suspect that tens of thousands of investors across the country may have been scammed. Only in Delhi a fraud of Rs 10,000 crore could have happened… Amounts could be in the thousands of Rs. What we found is evidence Rs 903 Hyderabad police commissioner CV Anand told NDTV.

  3. The two main defendants – Li Zhongjun, a Chinese national, were arrested and Chu Chun-Yu, a Taiwanese national – is suspected of having traveled to India in 2019-20 to recruit their staff but returned to China. country when the pandemic broke out. After the cheating started again, they shared every detail with their bosses in China and Taiwan.

  4. The complaint in this case was filed by a Hyderabad resident in July. He said he was scammed after investing Rs 1.6 lakh in an investment app called LOXAM. Police discovered his money had been transferred to an account – Xindai Technologies Pvt Ltd – at IndusInd Bank.

  5. Xindai account opener is Virender Singh who was arrested from Pune. He testified that he opened the account at the behest of a Chinese national he identified as Jack, with a commission of 1,200,000, police said.

  6. Another account, under the name Betench Networks Pvt Ltd, was found affiliated with Xindai. It was opened by Sanjay Kumar, a resident of Delhi, under the guidance of the Chinese. In total, he opened 15 accounts – each receiving Rs 1.2 lakh in commission – and shared their details with Chu Chun-Yu, a Taiwanese national.

  7. From Xindai Technologies, funds were transferred to 38 bank accounts and eventually landed at authorized money changers Ranjan Money Corp and KDS Forex Pvt Ltd, owned by Naveen Kaushik. He sent money to foreign exchange exchanges, exchanged rupees for dollars and delivered them to two other people – Sahil and Sunny – who sent the money abroad through hawala.

  8. In seven months, Ranjan Money Corp made transactions amounting to Rs 441 crore. KDS Forex executed transactions involving Rs 462 crore in 38 days, police said. “These authorized money changers will receive 0.2 per cent of the transaction as a commission,” said Mr. Anand.

  9. Accusing banks and regulators of negligence, Mr. Anand said: “The money changers and foreign exchange companies are legal entities, authorized by the Reserve Bank. But they violated the principles, such as foreign exchange for foreign travel only, maintaining seven different registers, filing weekly. , monthly and quarterly reports. In addition, concurrent audit and reconciliation of daily reports are not be done. “

  10. Hyderabad police said they would write to the Enforcement Division and other central agencies to conduct an investigation. The investment fraud follows a massive loan application fraud that has links to China. It was discovered by Telangana police during the Covid pandemic.

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button