China-based online money laundering racket using cryptocurrencies exposed: Cops
3 years, 6 months ago

China-based online money laundering racket using cryptocurrencies exposed: Cops

Hindustan Times  

Uttarakhand police claims to have busted an online racket suspected to have cheated at least ₹250cr from unsuspecting investors by promising to double their money in 15 days but siphoning it out of India instead by converting it into crypto currency. One Pawan Kumar Pandey, accused of running a shadow company to transfer the cheated money to his alleged “handlers in China”, was arrested from Noida in Gautam Buddh Nagar district of Uttar Pradesh on Monday night, police said. “A week ago, they claimed that one of their friends told them about a mobile app on Google Play Store named Power Bank, which doubled returns on investment within 15 days. It also found that the money deposited through the app was then transferred to bank accounts of the arrested accused through payment gateways,” said the police officer. Uttarakhand’s deputy inspector general Nilesh Bharne, who was one among the investigators, said, “The accused Chinese handlers used to befriend Indians by luring them.

India China Money Uttarakhand App Chinese Sim Kumar Uttarakhand Police Google Play Store  laundering  handlers  crypto  chinabased  money  online  cryptocurrencies  racket  exposed  app  used  mobile  deposited  cops  accused  shadow  using  kumar

History of this topic

Bengaluru engineer scammed of ₹11.8 crore in 'digital arrest' scam, duped by fake police, CBI officers over Skype
Trending News
1 day, 11 hours ago

Bengaluru engineer scammed of ₹11.8 crore in 'digital arrest' scam, duped by fake police, CBI officers over Skype

Hindustan Times  

A Bengaluru software engineer, 39, from GKVK Layout, near Hebbal, recently became a victim of a digital arrest scam, losing a staggering ₹11.8 crore. Digital arrest of Ahmedabad man uncovers Taiwanese-linked racket: Police According to Times of India report, the incident, which unfolded between November 25 and December 12, was reported to the North-East Cybercrime, Economic offences, Narcotics police. The …

Government Must Establish Whitelist to Curb Money Laundering in Online Gaming
1 month, 4 weeks ago

Government Must Establish Whitelist to Curb Money Laundering in Online Gaming

The Hindu  

The Digital India Foundation (DIF) has released a report recommending the government establish a whitelist of compliant gaming companies to ensure that payment gateways and ISPs serve only the listed operators. The report also suggests stringent KYC practices, action against misleading advertisements, and a clamp down on illegal operators.

Cryptocurrency and Offshore Betting: A Money Laundering Threat in the Online Gaming Ecosystem
2 months ago

Cryptocurrency and Offshore Betting: A Money Laundering Threat in the Online Gaming Ecosystem

New Indian Express  

Online gaming faces a significant threat from money laundering due to the use of cryptocurrencies and offshore betting platforms. The report highlights the increasing adoption of digital currencies like Bitcoin and Ether for in-game transactions, resulting in an upsurge in money laundering and fraud. Financial institutions must enhance their anti-money laundering (AML) systems to prevent the use of mule accounts …

Hyderabad victim loses Rs 10.61 crore in digital arrest scam; Two held in Bengaluru
2 months, 2 weeks ago

Hyderabad victim loses Rs 10.61 crore in digital arrest scam; Two held in Bengaluru

New Indian Express  

HYDERABAD: Two youngsters were apprehended by the Telangana Cyber Security Bureau in Bengaluru for their alleged involvement in a digital arrest scam that cheated a victim of Rs 10.61 crore. The accused, identified as Vinay Kumar S Khadke and Maruthi GH, are being brought to Hyderabad for further investigation, the police said. The victim was made to transfer Rs 4.62 …

ED launches probe in multi crore stock market frauds run with fake apps
3 months, 3 weeks ago

ED launches probe in multi crore stock market frauds run with fake apps

Hindustan Times  

MUMBAI: The Enforcement Directorate has initiated a money-laundering investigation into an alleged multi-crore fraudulent online scam in which a large number of gullible investors across the country were cheated of their hard-earned money by inducing them to invest in stock markets through fake mobile apps. MODUS-OPERANDI: ED’s probe revealed that the victims were being cheated by allegedly entrapping them into …

Gurgaon Police Uncover Major Cybercrime Network With Links To Chinese Handlers
4 months, 1 week ago

Gurgaon Police Uncover Major Cybercrime Network With Links To Chinese Handlers

News 18  

Gurgaon Police uncovered a highly organised cybercrime operation that surpasses the frauds from Jamtara and Nuh. Authorities have arrested the owner of a mobile phone shop in Churu, Rajasthan, who was involved in the Indian fraud network and allegedly received directions from Chinese handlers abroad. During interrogation, Nand Kishore Shakia confessed to the police that he was in touch with …

Cyber fraudsters on the prowl with fake banking apps in Kerala
4 months, 3 weeks ago

Cyber fraudsters on the prowl with fake banking apps in Kerala

New Indian Express  

Cyber fraudsters are devising innovative methods to deceive gullible people. Their latest tactic: Crafting fake banking apps that eerily resemble genuine ones. Recently, a woman from Kalamassery fell prey to this ruse and lost Rs 9.3 lakh due to unauthorised transactions on her debit and credit cards after installing a fake banking app. The installed app appeared to have all …

Man from Rajasthan arrested in Chennai for swindling money online while pretending to be Mumbai police officer
6 months, 1 week ago

Man from Rajasthan arrested in Chennai for swindling money online while pretending to be Mumbai police officer

The Hindu  

The Greater Chennai City Police on Saturday arrested a 23-year-old young man who was part of a gang that stole money from people, by pretending to be Mumbai police personnel who were conducting an inquiry into the trafficking of drugs through courier services. Police said S. Ashok Ranjith, 39, a resident of Kilpauk was contacted by an unknown person over …

Chinese national among five held for operating mule bank accounts for cyber fraud in Noida
6 months, 3 weeks ago

Chinese national among five held for operating mule bank accounts for cyber fraud in Noida

Hindustan Times  

Five individuals, including a Chinese national, were arrested by the Noida police for their alleged involvement in facilitating mule bank accounts for perpetrating cyber frauds, senior police officers said on Wednesday. “Five people, including a Chinese national, who were part of a group allegedly involved in duping innocent people through social media platforms have been arrested from different places under …

ED seizes 19.50 kg gold linked to ₹4,978-crore cyber fraud case
7 months, 2 weeks ago

ED seizes 19.50 kg gold linked to ₹4,978-crore cyber fraud case

The Hindu  

The Enforcement Directorate has seized 19.50 kg of gold worth over ₹14 crore from a bank locker linked to an alleged cybercriminal who is one of the masterminds of a syndicate that transferred abroad about ₹4,978 crore raised through various cybercrimes and online gaming platforms during 2020-24. In February-March, while probing the online gaming companies/websites incorporated in small island nations …

Tracking The Money Trail, Fake IDs & Details, Spending Patterns of The Bengaluru Blast Accused
8 months, 1 week ago

Tracking The Money Trail, Fake IDs & Details, Spending Patterns of The Bengaluru Blast Accused

News 18  

The National Investigation Agency arrested the two accused in the Bengaluru cafe blast case — Mussavir Hussain Shazib and Abdul Matheen Taaha — from West Bengal on Friday. But after Shazib’s cap was found at a Bengaluru mosque, investigators scanned its details, located the seller in Chennai, and examined the CCTV footage to zero in on the duo. “In this …

Bengaluru man narrowly escapes UPI scam trying to sell iPad. Here’s how he foiled it
9 months ago

Bengaluru man narrowly escapes UPI scam trying to sell iPad. Here’s how he foiled it

Hindustan Times  

When a scammer attempted to coax the senior vice president of Unacademy with a fake UPI money transfer scam, he foiled his plan and how. Pandya took to X to share screenshots of his conversation with the scammer posing as buyer and highlighted the suspicious details that 'raised all the alarms' and helped him recognise the scam. The screenshots shared …

Delhi EOW probes money laundering by foreign-based online gaming firms
9 months, 3 weeks ago

Delhi EOW probes money laundering by foreign-based online gaming firms

New Indian Express  

NEW DELHI: The Economic Offences Wing of Delhi Police has registered a case and initiated a probe after a complaint by the Enforcement Directorate alleged that a money laundering racket involving foreign-based online gaming companies are exploiting Indians. A senior EOW officer said information was received from the ED that foreign online gaming companies are providing access to Indian residents …

How 5 Indian Americans allegedly laundered $30m in Cash-for-Bitcoin scam in New York
1 year, 1 month ago

How 5 Indian Americans allegedly laundered $30m in Cash-for-Bitcoin scam in New York

Hindustan Times  

Five Indian Americans are reportedly being investigated for an illegal $30million crypto exchange scheme operating in the heart of New York. 5 Indian Americans, Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel have been accused of running this illegal Bitcoin exchange with an adept criminal finesse, bypassing the legal scrutiny. The report claims, this individual …

ED attaches ₹6.47cr assets of Chinese company in job fraud case
1 year, 3 months ago

ED attaches ₹6.47cr assets of Chinese company in job fraud case

The Hindu  

Officials of the Directorate of Enforcement have attached the movable assets worth ₹6.47 crore, including ₹71.3 lakh in the form of cryptocurrency in the China-linked part time job fraud case under the Prevention of Money Laundering Act. A release said the investigation revealed that gullible youth were cheated by certain Chinese persons through a mobile app, “Keepsharer,” through which they …

Police recover ₹12 lakh invested by techie in fake cryptocurrency scam
1 year, 3 months ago

Police recover ₹12 lakh invested by techie in fake cryptocurrency scam

The Hindu  

The Mysuru city police have helped a techie recover ₹12 lakh that he had invested in a fake cryptocurrency scam. According to Mysuru City Police Commissioner Ramesh B., the victim, who is also incidentally an ex-employee of a software company, had fallen victim to one such cryptocurrency scam to which he had received an invitation on a social media messaging …

Ponzi scam: Odisha Police arrests India head of Chinese earning app from Tamil Nadu
1 year, 4 months ago

Ponzi scam: Odisha Police arrests India head of Chinese earning app from Tamil Nadu

Hindustan Times  

The Economic Offence Wing of Odisha Police on Thursday said it has arrested India head of Chinese earning Aap, involved in an online ponzi scam, officials said. Police said that after banning of loan apps they started running Earning Apps, online betting and other App based cyber-financial frauds. Law Enforcement Agencies started crackdown against Chinese Loan Apps after many people …

Rs 712 Cr Rate and Review' Racket Busted, Nine Held
1 year, 5 months ago

Rs 712 Cr Rate and Review' Racket Busted, Nine Held

Deccan Chronicle  

HYDERABAD: The cybercrime wing of the Hyderabad police busted an international racket of criminals, who are alleged to have looted over Rs 712 crore from over 15,000 victims, and arrested nine persons in connection with the crimes. As per the details shared by the police, accused Prakash Mulchandbhai Prajapati, of Ahmedabad, supplied Indian bank accounts to his Chinese handlers Lee …

Hyderabad police bust ₹712-crore Chinese investment cyberfraud
1 year, 5 months ago

Hyderabad police bust ₹712-crore Chinese investment cyberfraud

The Hindu  

The cybercrime wing of the Hyderabad city police arrested nine persons from Mumbai, Hyderabad and Ahmedabad, in what the police believe is a ₹712-crore countrywide investment fraud operated from Dubai and China. Hyderabad city police commissioner C.V. Anand, addressing mediapersons on Saturday, said the police dug deeper while probing a complaint of investment fraud by a Chikkadpally resident, who lost …

Trader loses ₹5L to cryptocurrency fraud
1 year, 5 months ago

Trader loses ₹5L to cryptocurrency fraud

Hindustan Times  

MUMBAI: A 55-year-old trader from Vile Parle lost ₹5 lakh to a cryptocurrency fraud who promised high returns by converting his investment into USDT or tether of equivalent value. HT Image The Vile Parle police have registered a case against an unidentified fraud in cheating case after the complainant Dattatray Samant told the police that he had downloaded an app …

A critical move on crypto trade
1 year, 9 months ago

A critical move on crypto trade

Hindustan Times  

India this week tweaked rules against money laundering to cover trade in cryptocurrencies, such as Bitcoin and Ethereum. The department of revenue issued a notification outlining new definitions to cover five specific scenarios: When cryptocurrency and fiat money is exchanged; when one form of crypto is exchanged with another; if such coins are transferred; the storing of virtual digital assets; …

E-nuggets gaming app case | Enforcement Directorate freezes Bitcoins worth ₹22.82 crore
2 years, 1 month ago

E-nuggets gaming app case | Enforcement Directorate freezes Bitcoins worth ₹22.82 crore

The Hindu  

The Enforcement Directorate has frozen 150.22 Bitcoins worth about ₹22.82 crore in connection with the money-laundering probe related to mobile gaming application, E-nuggets. The agency had earlier seized ₹17.32 crore in cash from the premises of the accused and also frozen Bitcoins worth about ₹13.56 crore found parked on Binance crypto exchange. More crypto currencies valued ₹47.64 lakh and ₹5.47 …

Part-time job fraud: ED searches 12 entities in Bengaluru, seizes ₹5.85 crore
2 years, 2 months ago

Part-time job fraud: ED searches 12 entities in Bengaluru, seizes ₹5.85 crore

The Hindu  

The Directorate of Enforcement conducted search operations on 12 entities in Bengaluru allegedly involved in a part-time job fraud case and seized ₹5.85 crore under section 17 of the Prevention of Money Laundering Act, 2002. The ED initiated money-laundering investigation on the basis of an FIR registered in South CEN police station, Bengaluru, in the matter related to part-time job …

Loan app-cum-extortion racket: Tax consultant, law student arrested by Chandigarh Police
2 years, 3 months ago

Loan app-cum-extortion racket: Tax consultant, law student arrested by Chandigarh Police

Hindustan Times  

The ongoing investigations into the loan-cum-extortion racket has unearthed the involvement of a tax consultant who had been helping the main accused in routing the extorted money to shell companies and further abroad through hawala channels. Apart from the tax consultant-cum-advocate, Sunil Kumar Chauhan, 46, of Ghaziabad, police have also arrested three more accused, including Abhishek Kumar, 30, an LLB …

Ludhiana: Former agriculture official duped of ₹8 lakh in online fraud
2 years, 3 months ago

Ludhiana: Former agriculture official duped of ₹8 lakh in online fraud

Hindustan Times  

Fraudsters posing as officials of Punjab State Power Corporation Limited stole ₹8 lakh in cash from the account of an elderly person. Former agriculture official Harmel Singh said on September 13, he received a text message stating that his electricity bill for the last month was due. Harmel Singh, who retired from the agriculture department, said that on September 13, …

Crypto exchange WazirX says ED has unfrozen its bank account
2 years, 3 months ago

Crypto exchange WazirX says ED has unfrozen its bank account

The Hindu  

The Indian cryptocurrency exchange WazirX said on Monday that its bank accounts has been unfrozen by India’s Enforcement Directorate, after the exchange’s “active cooperation” and “active anti-money laundering” checks led to blocking suspicious accounts. The ED had issued orders to freeze ₹64.67 crore worth of crypto exchange WazirX’s bank deposits in August this year. WazirX’s blog post published on Monday …

Kolkata: ED raids six places, seizes over Rs 17.3 crore cash in mobile app fraud case
2 years, 3 months ago

Kolkata: ED raids six places, seizes over Rs 17.3 crore cash in mobile app fraud case

India TV News  

ED raids in Kolkata: The Enforcement Directorate on Saturday raided six places in Kolkata and recovered over Rs 17 crore and 32 lakh in cash. The case was recorded on the basis of an FIR filed on February 15, 2021, under sections 420, 406, 409, 468, 469, 471, 34 of IPC by Park Street Police Station. The complaint was filed …

Interstate gang cheating people on pretext of facilitating loans busted by Delhi police, 4 held
2 years, 5 months ago

Interstate gang cheating people on pretext of facilitating loans busted by Delhi police, 4 held

India Today  

The Cyber police station of Delhi police busted a gang of criminals for allegedly cheating people on the pretext of facilitating online loans. Police also recovered ATM cards, debit cards, seven mobile phones, a laptop, a dongle, a tablet, checkbooks, one BMW car, passbooks and Rs 20,000 cash from the possession of the accused. The accused used to get cheated …

Delhi Police busts virtual currency racket, 1 arrested for duping people of Rs 3.5 crore
3 years, 4 months ago

Delhi Police busts virtual currency racket, 1 arrested for duping people of Rs 3.5 crore

India Today  

The Crime Branch of Delhi Police has busted a virtual currency racket and arrested one person for allegedly duping people on the pretext of high returns on bitcoin investment. Before orchestrating the plan of cheating people through bitcoins, Lalit Verma along with one Devender Gulia of Haryana started a firm named ‘Correct Steps Marketing Pvt. Meanwhile, Delhi Police is making …

MP Police bust gang duping public to invest in shell companies
3 years, 5 months ago

MP Police bust gang duping public to invest in shell companies

Hindustan Times  

Madhya Pradesh police cybercrime cell arrested four people for running a racket involved in duping people to invest in shell companies and sending money to Pakistan through crypto currency, said a police officer. The accused carried out transactions worth ₹50 crore, said Yogesh Chaudhary, additional director general of police. They would then convert the money into cryptocurrency with the help …

Opinion | Beware of banking cyber frauds
3 years, 5 months ago

Opinion | Beware of banking cyber frauds

India TV News  

Today I want to caution all of you about cyber fraud gangs who are stealing money from bank accounts by posing as bank executives. He used to get the fake bank accounts from Afzal, Ghulam Mustafa and Sanju Debnath, to which swindled money was transferred. The gang members used to persuade tribals living in Jamtara, Asansol and nearby areas to …

Gang which carried out cyber frauds worth ₹20 crore busted, 8 arrested
3 years, 6 months ago

Gang which carried out cyber frauds worth ₹20 crore busted, 8 arrested

Hindustan Times  

Police in Madhya Pradesh’s Balaghat claim they have busted an inter-state gang and arrested eight persons from three states-Madhya Pradesh, Andhra Pradesh and Jharkhand-for alleged cyber frauds involving around ₹20 crore. Representative Image “The incidents of frauds were spread across 18 states and involved purchase of expensive mobile phones from online shopping websites, as well as fraudulent withdrawal of money …

Mobile app fraud: Uttarakhand Police identify two Chinese accused
3 years, 6 months ago

Mobile app fraud: Uttarakhand Police identify two Chinese accused

Hindustan Times  

The Uttarakhand Police’s Special Task Force has identified two Chinese citizens among the accused in the alleged mobile application fraud and crypto-currency-based money laundering racket. Cyber security concept hand protection network with lock icon and virtual screens Space put message Blue tone Additional director general Abhinav Kumar on Friday said the two have been identified on the basis of “technical …

11 held for duping 5L investors of ₹150 crore via mobile apps
3 years, 6 months ago

11 held for duping 5L investors of ₹150 crore via mobile apps

The Hindu  

Delhi Police Cyber Cell arrested 11 men, including two chartered accountants, for allegedly cheating more than 5 lakh people of over ₹150 crore in two months on the pretext of lucrative returns via apps, the police said on Wednesday. A total of ₹11 crore of the cheated money has been blocked in various bank accounts and payment gateways, the police …

Sources of funds for loan apps under lens
3 years, 11 months ago

Sources of funds for loan apps under lens

Live Mint  

The Reserve Bank of India has begun looking into the sources of funds for app-based instant loan companies accused of harassing vulnerable borrowers, said a person aware of the matter. According to this person, RBI is likely to launch an investigation into whether some banks allowed funds to flow into these apps without conducting mandatory due diligence. The RBI scrutiny …

Cyber Crime Cell of the Adyar police from Chennai bust a gang indulging in online loan fraud in Namakkal
4 years, 3 months ago

Cyber Crime Cell of the Adyar police from Chennai bust a gang indulging in online loan fraud in Namakkal

The Hindu  

The Cyber Crime Cell of the Adyar police busted a gang, operating from Komarapalayam in Namakkal district, swindling money from people here and elsewhere under the pretext of offering quick online loans. On September 9, Karuppaih, a driver from Kallukuttai, approached V. Vikraman, Deputy Commissioner of Adyar, alleging that in March, a young woman called him up and said she …

Chinese online betting racket busted
4 years, 3 months ago

Chinese online betting racket busted

India Today  

Less than a month after Hyderabad police commissioner Anjani Kumar came out with a report on a Chinese promoted, India-based online gambling racket, more details have emerged of an intrepid operation involving massive digital money transactions and money laundering. In several other states which still allow online gambling, the authorities are helpless, one reason why many victims from other states …

Enforcement Directorate to probe ₹1,100-crore online gambling racket
4 years, 4 months ago

Enforcement Directorate to probe ₹1,100-crore online gambling racket

The Hindu  

The Enforcement Directorate has registered a money-laundering case against a Chinese national and his three Indian accomplices, in connection with an illegal online gambling business involving transactions worth over ₹1,100 crore. The online gambling was being run by various entities, which functioned allegedly under the China-based “Beijing T Power Company.” Acting on complaints of cheating, the Hyderabad Police arrested Yah …

Discover Related