Thread by @Sanjeet82578091

🚨Chinese loan scam alert🚨 🧵👇
#ChinaExposed

In May 2022, a woman in Mumbai committed suicide after failing to repay the loan taken from an app on her mobile.
But, things took a massive turn when police started an investigation and arrested 10 Chinese individuals on 22 July in this case.

That was the first time it was discovered that a massive loan scam is going on in the country and these 10 people were alone responsible for scams worth several hundred crores!

The group was using 37 apps for providing loans and recovery. They also had 360 bank accounts, 200 shell companies, and 50 crypto wallets to transfer money to china.

In August, the Delhi police also arrested 22 Chinese Individuals for a similar scam of over 500 crores. Even, RBI released a statement that there are over 1100 apps currently providing loans in the country and 50% of them are doing such fraud.

But how do they target people and lure them into this vicious game? here is the process:-
1. They target only those people with low or no CIBIL score or the ones who are rejected by the bank.

2. They entice them by telling them don't require any document or KYC, just download their app and you will get an instant loan.
3. They also present Fake certificates of RBI authentication

4. When you download these apps they will provide you with money with an interest rate % lower than the market. In return, they ask for only two things your contact and gallery permission.

That's where their evil process of loan recovery starts. Even after you repay the whole amount, they will charge you extra money and if you try to refuse they will access your gallery and contact list

They then your photo to create a poster labeled as loan defaulter and will circulate in all of your contact lists and blackmail you to the core. And that's not it, they will even go down the lane of sexual harassment in cases where the victim is a woman.

They have their call centers situated in different small countries that share borders with china. That's why they are hard to track.

Now, the question is how to save yourself from these scammers

For that, I will recommend you to watch this amazing video by @AnOpenLetter001 and aware as many people as you can because it is really serious!