Another Chinese app involved in investigation scam

Written By: Sweta Roy | New Delhi

The Chinese investment app named “power bank” which is registered in Google play store alleged to cheat more than 5 lakhs people. A total of 11 people were involved in the forgery and got locked up ultimately. The app claims to be a Bengaluru-based start-up but in reality, it was found that the creators and owners of the app were based in China. The app also proffers remunerative and fast returns with a direct return of 5-10% on the invested amount which actually caught several eyeballs immediately but eventually, they used to block the users according to the police.

The cyber cell team continues to probe into this matter to trace the owner as they have no clue about the owner and the creators. On June 2, nine culprits got arrested in the Delhi-NCR region and an accused name “Robin” was also arrested on the very same day. Among all the culprits, Avik Kedia and Ronak Bansal identified to be chartered accountants and have built more than 110 shell companies for “Chinese fraudsters” to transfer their money. Later on, Chinese nationals used to buy each company for 2-3 lakhs.

According to the police, the apps such as Telegram, WeChat, and Ding Talk were mainly used by the owners to reach out to the people for their bank accounts, and shell companies were suggested to hide all the money trail. In the end, the link of the app was forwarded on WhatsApp to various people, and the victims were lured into highly profitable schemes which in reality were nothing but deceptive and fraudulent.

DCP (Special Cyber Cell) Aniyesh Roy reports several intel has been received regarding the matter and the investigation continues in full swing.