Chinese syndicates denting Indian economy via loan apps: Expert

Most of the kingpins are operating from China but they employ locals in neighbouring countries to run their criminal activities

Chinese criminal syndicates and gangs are running scam operations in India and several such digital loan shark cases have been detected in the recent past and it is suspected that the scale of such illegal activities has only increased over time.

Chinese scammers are exploiting the loopholes in the legal system in the host countries, often hooking the unemployed youth and financially stressed lower strata of the society, who become easy prey for such gangs.

Investigators found that most of the kingpins are operating from China but they employ locals in neighbouring countries to run their wider transnational criminal activities which includes also to collect data and dent the Indian economy.

Pavan Duggal, Chairman of the International Commission on Cyber Security Law, stated that Chinese loan apps are significantly impacting the Indian economy as part of a broader approach. "China aims to target the Indian economy due to their past relationship with the nation. As a result, China is actively working to destabilise the Indian economy and gather as much data as possible through these loan apps."