Cracking down on a major inter-state cyber scam, Uttarakhand Police arrested Chartered Accountant Abhishek Agarwal, the suspected mastermind of a fake loan app operation, at Delhi's IGI Airport.
A Look Out Circular (LOC) had been issued against Agarwal, who is accused of orchestrating a financial fraud amounting to over Rs 750 crore. His arrest has blown the lid off a sophisticated and well-structured cybercrime syndicate with international connections, including Chinese nationals.
A Web of Shell Companies and Fraudulent Apps
According to police sources, Agarwal created a network of around 35-40 shell companies, 13 of which were registered under his own name and 28 under his wife's. Investigators have uncovered that several of these companies listed Chinese nationals as co-directors, indicating a deeply rooted cross-border operation.
Suspicious financial transactions totalling over Rs 750 crore have been identified in these accounts. The funds are believed to have been generated through more than 15 fraudulent mobile loan apps, such as:
- Insta Loan
- Maxi Loan
- KK Cash
- RupeeGo
- Lendkar
These apps lured users by offering quick and easy loans but instead exploited their trust. Once installed, the apps gained unauthorized access to victims' mobile devices, stealing sensitive personal data, including contacts, gallery photos and private documents.
Blackmail, Intimidation, and Digital Extortion
Using the stolen data, the fraudsters allegedly blackmailed victims into paying exorbitant interest rates, penalties, and fines. Many were threatened with photo morphing, public shaming and legal consequences if they failed to comply, resulting in emotional trauma and financial harassment.
Senior officers revealed that this cybercrime network had been active since 2019-20, with Agarwal personally traveling to Shanghai and Shenzhen in 2019 to facilitate the involvement of Chinese partners and set up the operation.
Nationwide Network Unraveling
Agarwal's arrest is the latest in a series of actions taken in connection with the scam. In 2023, another key player, Ankur Dhingra, was arrested in Gurugram for operating fake loan apps through Hector Lendkaro Pvt. Ltd. Authorities also raided a call centre in Aurangabad, Maharashtra, recovering a SIM box and other digital evidence.
Upon Agarwal's arrest, officials recovered:
- A mobile phone
- A passport
- Indian and Thai currency
- An Apple Watch
- Multiple digital devices
- Gold rings and a power bank
He is reportedly wanted in multiple cases across several states, making this arrest a significant development in the nationwide crackdown on digital loan fraud.
Top Officials Speak Out
STF Senior Superintendent of Police Navneet Singh stated, "This ongoing investigation, initiated in December 2022, targets organised national-level fraud through various fake loan apps, aiming to curb the harassment and illegal extortion faced by citizens across India."
Uttarakhand's Director General of Police (DGP) Deepam Seth emphasized the state's commitment to combating digital crime, saying, "Uttarakhand is committed to making the state crime-free and will strive to curb cybercrime incidents more rigorously in the coming times."
Conclusion
Abhishek Agarwal's arrest marks a critical victory in the fight against inter-state cyber fraud and reflects the growing coordination among law enforcement agencies to tackle digital financial crimes. As investigations continue, authorities are hopeful that more individuals involved in the scam will be brought to justice, and citizens will be safeguarded against such fraudulent schemes.
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