Chartered Accountant Arrested in ₹750 Crore Chinese Loan App Scam: Key Details and Investigation
The Uttarakhand Special Task Force (STF) arrested Abhishek Agarwal, a chartered accountant from Ashok Vihar, Delhi, at Indira Gandhi International Airport on Saturday. Authorities allege he orchestrated a nationwide cybercrime operation in collaboration with Chinese nationals, defrauding victims of approximately ₹750 crore through a network of fraudulent loan apps.
Shell Companies and Chinese Connections
Investigators found that Agarwal established around 35 to 40 shell companies—13 under his name and 28 under his wife's name, many listing Chinese nationals as co-directors. These entities allegedly facilitated the laundering of defrauded funds, which flowed through Indian banks before being transferred abroad.
The scheme reportedly dates back to 2019-20, during which Agarwal traveled to Shanghai and Shenzhen to coordinate with his Chinese partners. The network operated over 15 fraudulent loan apps, including Inst Loan, Maxi Loan, and RupeeGo, targeting users with promises of quick, low-documentation loans. Once installed, these apps harvested personal data and used threats of exposure to extort large repayments.
Inter-State Investigation and Wider Crackdown
A Look Out Circular was issued against Agarwal as part of an ongoing investigation that began in December 2022. The STF collaborated with cyber units from Uttarakhand, Delhi, and Maharashtra to trace the racket's operations. Previous arrests include Ankur Dhingra from Gurugram and a raid on a call center in Aurangabad, where SIM boxes and digital evidence were seized
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