Loan Application Scam: Police Stunned By Rs 21,000 Crore Loan Racket | Hyderabad News

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HYDERABAD: Detectives investigating the nationwide illegal instant loan enforcement case involving a Chinese national, Zhu Wei said four companies he run had made transactions worth Rs 1.4 crore worth almost Rs 21,000 crore.
The scale of the racket can be gauged by the fact that Rs 21,000 crore is a total loss that the domestic airline industry is likely to face in 2020 due to the pandemic and travel restrictions.

“These transactions took place through payment gateways and bank accounts linked to these companies,” said Hyderabad Police Co-Commissioner (Detective) Avinash Mohanty. “Most of the transactions have taken place in the last six months. We don’t know if the 1.4 crore transactions were only for loan disbursement and money collection or if there is money. other reasons. We have to see if there are hawala transactions too, “Mohanty added.
Detectives said they were also shocked to learn that they had discovered a scam worth Rs 21,000 crore and carried out several checks. “We were literally counting zeros so to speak,” said a senior officer associated with the investigation at the central police station.
After his arrest, Wei claimed he did not know English, but when the cops started a sustained interrogation and said they would have an interpreter if needed, he eventually started speaking broken English. “He initially claimed he had no knowledge of the company, but when we opened his laptop we found details about his employees, various business transactions. However, he was mostly discreet about the business. ‘business,’ an officer told TOI.
Wei was staying in an apartment in Delhi during the lockdown and regularly commuting between India and China. His passport revealed, he went to Indonesia. Meanwhile, surveys have revealed that companies transact in crore, many of them in bitcoin.

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