Security News > 2022 > September > Chinese-linked cyber crims nab $529 million from Indian nationals

Chinese scammers have reportedly stolen a whopping $529 million dollars from Indian residents using instant lending apps, lures of part-time jobs, and bogus cryptocurrency trading schemes, according to the cyber crime unit in the state of Uttar Pradesh.

"The instant loan apps, the part-time job offers and now the crypto trading fraud, all of them are being operated by the same hackers from China. The SMS aggregators are also involved in it," Uttar Pradesh Cyber Crime Superintendent of Police Triveni Singh said, according to Press Trust Of India.

The crims absconded with funds by first transferring money from the victims to local Indian bank accounts and digital wallets before transferring the cash to Indian crypto currency exchange platform Zebpay and similar international platform Binance.

The suspects kept in contact with their foreign counterparts using Chinese instant messaging app called "Husys", said India's Ministry of Corporate Affairs.

Investigators allege the suspects were declared shareholders and directors of shell companies set up in India on behalf of their Chinese counterparts, who were the actual decision makers and operators.

"Mr Dortse is on the Board of Jillian India Ltd and has clearly emerged as the mastermind of the whole racket of incorporating large number of shell companies with Chinese links in India and providing dummy Directors on their Boards." .

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