Scams, terror, and national security: Problems with Chinese microloan apps in India
The pandemic, accompanied by job loss and pay cuts, has made many Indians even more desperate than they normally were for loans. This has made them easy targets for spurious loan apps whose origins lie across the border.
January 29, 2021 05:07 GMT (21:07 PST) | Topic: Innovation
Technology has become a great enabler but it can also be a killer. In this case, it has literally proven so for India s lower-income residents, thanks to unscrupulous Chinese operators who have used spurious loan apps and hired Indian underlings to bilk the most vulnerable.
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India Arrests 12, Including 2 Chinese Women, for Circulating Malicious App on WhatsApp
Google removes 60 made-in-China instant loan apps from India following police complaint
NEW DELHI India arrested two Chinese women and 10 others accused of operating a fraud racket in New Delhi that officials say duped 40,000 people through a malicious app being circulated on WhatsApp.
This is the most recent incident of cybercrime involving Chinese-made mobile applications, some of which may be linked to Chinese espionage, police said.
The app helped the accused collect the personal data of unsuspecting people for illegitimate purposes. Victims were lured by the offer of lucrative returns from an online multilevel marketing campaign; they allegedly were offered $41 (3000 rupees) of daily commission for spending 30 minutes on the app called NewWorld promoting internet celebrities on Facebook, Instagram, and YouTube.
India Arrests Chinese Man Amid Raids on Companies Running 11 Small Loans Apps December 27, 2020 Updated: December 28, 2020
NEW DELHI India arrested on Dec. 25 a Chinese man who managed companies that operated at least 11 apps offering small loans at extremely high interest rates to Indian people between the ages of 20 and 40.
Experts see the potential for the regime in Beijing to gather large amounts of data on Indian citizens through the apps, and for this data to be used to infiltrate Indian society, politics, and economic system.
Yi Bai (alias Dennis) was arrested by cyber police in Hyderabad during a raid on a call center, for illegally running money-lending mobile applications, Indian media outlet DNA reported on Dec. 26.