Recent arrests in harassment cases has helped the police understand the racket better, including how the big sharks pull strings from Nepal and how the recovered money is converted into crypto and sent to China
Four recent arrests in the instant loan racket have unearthed the functioning of the companies running the mobile apps and found a suspected trail of the money extorted from the victims. According to the Navghar police in Bhayandar East, the callers operating in Mumbai and Thane are small fish and the sharks in control of the fraud are in Nepal. The money obtained through threats and blackmails is converted into crypto currencies and routed to China, suspects the Economic Offences Wing which is investigating the scam for the past two months.
Cracking whip on instant loan sharks, Odisha police on Thursday arrested Mumbai-based Ram Narayan Pathade, the director of Mahagram Payments Pvt Ltd which ran two lending apps. Earlier, the Economic Offences Wing (EOW) arrested two people, and the preliminary probe showed that the money extorted from the customers were converted into crypto currencies and routed to China.
Police raided Baba Nanak call centre in Thane this month and found 10 employees at the office. Representation pic
The EOW, which has been investigating the loan racket for the past two months, has arrested Tarun Dudeja, the proprietor of six shell companies, and Mohd Javed Saifi, proprietor of a fake company called IWT India. It has also frozen R6.57 crore in different accounts of IWT India.