Hyderabad Police Files Charge Sheet In Rs 30,000 Crore Chinese Online Money Lending Racket

In a major development, Hyderabad Police has filed a charge sheet in connection with a Rs 30,000 crore online money lending racket which is allegedly based out of China, reports Hindustan Times.

The police have so far arrested 28 persons in the case including Zhu Wei alias Lambo and three other Chinese nationals. It should be noted that Wei is a prime accused in the case. Meanwhile, the kingpin of the entire racket, Zixiz Zhang alias Jennifer is still absconding.

The online lending racket was busted by Hyderabad Police in December 2020.

Several such instant loan applications including Loan Gram, Cash Train, Cash Bus, AAA Cash, Super Cash, Mint Cash, Happy Cash, Loan Card, Repay One, Money Box and Monkey Box were hosted on Google PlayStore as per the charge sheet.

The racket also set up four call centres in India and hired executives to collect exorbitant repayments from the borrowers after adding interest, processing charges, GST, and default charges, police said.