Chinese Nationals Arrested In B’luru For Illegally Operating A Business. 2 Were Held

Chinese nationals arrested in B’luru for illegally operating a business. 2 were held

Bengaluru, Nov 26, : Karnataka police arrested a racket that was allegedly run by Chinese nationals.They allegedly gave loans at exorbitant interest rates and harassed customers for violating laws.

 Chinese Nationals Arrested In B’luru For Illegally Operating A Business. 2-TeluguStop.com

Joint Commissioner of Police (Crime), Sandeep Patel, stated Friday.
An investigation revealed that Chinese nationals opened bank accounts under the names of Indian citizens, conducted fraudulent transactions, and transferred crores of rupees to China from these accounts.

The two arrested individuals were identified as Kamaraj More (25), a HR executive, and Darshan Chuuhan (21), a leader of the team.The Chinese nationals who ran the racket under the name Licorise Technology Pvt Ltd at Marathahalli, Bengaluru, are being sought.

According to police, the Chinese nationals allegedly ran a financial firm that provided loans to the public.Later, they harassed them by charging high processing fees and interest.

The accused allegedly insulted borrowers by sharing loan details with their friends.

On Wednesday, the office was raided.

Further investigations revealed that the firm was run by Chinese nationals.They had developed mobile money lending apps such as Cash Master and Krazy Rupees.

The firm had reached an agreement with nonbanking finance companies to lend money to people via the apps.

They charged a high processing fee, and after the loan was disbursed, staff began calling borrowers by phone and via internet, urging them to pay the interest at outrageous rates on a weekly basis.

Chinese nationals also had collected documents like Aadhaar or PAN cards from staff and had registered 5-6 businesses in their names.

52 companies were registered, and private banks opened accounts for them.These accounts were credited with the interest paid by the borrowers.The police also stated that online transfers from these accounts had led to the transfer of crores of rupees to China.

The accused allegedly targeted north Indians to attract investments to the bogus businesses and offered them higher returns.

“Even these investments were transferred into their bank accounts.

Two people were arrested and 83 computers were seized.However, police stated that they are working to find the absconding Chinese nationals.”

Under the relevant sections of law, a case has been filed at Marathahalli’s police station.

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Disclaimer : TeluguStop.com Editorial Team not involved in creation of this article & holds no responsibility for its content..This Article is Provided by IANS, Please contact IANS if any issues in Article .


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