The investigation into China’s small loan applications gathered pace on Saturday, with Cyber Cell sleuths saying on Saturday that PC Financial Services Pvt Ltd was already under the scanner of central investigative agencies.
A 32-year-old Chinese national, along with 20 others, has already been arrested by the Chandigarh Police Cyber Cell after a series of raids across the country for allegedly cheating and extorting money from people after trapped via small lending apps. .
Chenghua was arrested in Greater Noida on Monday. A resident of Wuhan in China, police say he traveled to India in 2019 on a work visa, which he obtained on the basis of being a chef. Chenghua’s visa had expired in 2021, but he continued to live illegally in India.
Defendants Wan Chenghua, Parvej Alam and Anshul Kumar are in custody. The others were taken into custody.
On Friday, police had come across the name of PC Financial Services Pvt Ltd – which eventually closed in 2020 – which they said had Chinese nationals in its senior positions. The company was among 39 non-banking financial companies (NBFCs) that were mostly run by Chinese nationals and had fallen under the radar of the Directorate of Law Enforcement (ED), officials briefed on the incident said. investigation.
The police claimed that the Reserve Bank of India (RBI) revoked the license of PC Finance Service Pvt Ltd in February this year. So far, investigators have learned that the accused Parvej Alam alias Jeetu Bhadana and the arrested Chinese national, Wan Chenghua, 32, worked with PC Financial Services Pvt Ltd.
The name of a second Chinese national, Jeffery Jhu, also featured in the investigation, with police saying Jhu was among the founding members of PC Financial Services Pvt Ltd, which managed to obtain an NBFC license from the Reserve Bank of India.
Suspect Jeffery Jhu, whose identity was confirmed to Chandigarh police by the Aliens Registration Office in Delhi, is believed to be the man who laundered money for the gang up to the tune of Rs 100 crore – a claim that the officers said they had will later be checked by the Financial Intelligence Unit (FIU), the Enforcement Directorate (ED) and the CBI.
According to the police, one of the arrested men, Parwej Alam alias Jeetu Bhadana, had enlisted Anshul Kumar and put together a team of 60 people who used to threaten, blackmail and extort people who had contracted loans from several apps run by them – like Hugo Loan, Coin Cash, AA Loan, AK Loan, Win Credit.
Sources said that when PC Financial Services Pvt Ltd existed, it was heavily involved in the mobile app-based lending business and operated an app called Cashbean. After the company was banned, the accused started lending small loans to people through other mobile apps such as Hugo Loan, Coin Cash, AA Loan, AK Loan, Win Credit.