CA Nabbed in ₹750 Crore Fake Loan App Scam with Suspected China Links
The scam involved over 35 shell companies and more than 15 fraudulent mobile apps used to lure users and access their personal data for blackmail and extortion
In a key development in a massive cyber fraud case, a Chartered Accountant named Abhishek Agarwal was arrested by Uttarakhand Police’s cyber unit at Delhi’s IGI Airport on Saturday. He was intercepted based on a Look Out Circular issued against him. Investigators say Agarwal played a central role in orchestrating a fake loan app operation that allegedly moved over ₹750 crore...
In a key development in a massive cyber fraud case, a Chartered Accountant named Abhishek Agarwal was arrested by Uttarakhand Police’s cyber unit at Delhi’s IGI Airport on Saturday. He was intercepted based on a Look Out Circular issued against him.
Investigators say Agarwal played a central role in orchestrating a fake loan app operation that allegedly moved over ₹750 crore through a web of shell companies. Around 35-40 such companies were floated, with many registered under his and his wife’s names. Some of these entities even listed Chinese nationals as co-directors, suggesting links beyond India.
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The network operated through over 15 deceptive mobile apps like ‘Insta Loan’, ‘RupeeGo’, and ‘Lendkar’ which promised quick loans. Once users installed them, the operators reportedly accessed sensitive phone data such as photos and contacts without permission. Victims were later harassed, threatened with photo misuse, and forced to repay with inflated charges.
The scam is believed to have started around 2019-20, with Agarwal allegedly assisting Chinese nationals in setting up operations in India. His past travel to cities like Shanghai and Shenzhen is also under the scanner.
This arrest follows earlier breakthroughs, including the capture of another alleged key figure, Ankur Dhingra, from Gurugram, and a raid on a Maharashtra-based call centre where crucial equipment like a Simbox was seized.
At the time of arrest, officials recovered foreign and Indian currency, digital gadgets, jewellery, and travel documents from Agarwal. Authorities confirmed he is linked to several cases across different states as reported by The New Indian Express.
According to STF’s SSP Navneet Singh, the investigation,ongoing since December 2022,is aimed at dismantling widespread cyber fraud operations. DGP Deepam Seth reaffirmed the state’s commitment to intensifying action against such organised online crimes.
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