Loan app scam: Digital lending firms were cheating own employees

Employees were encouraged to float shell companies, which were later used to siphon off funds, in lure of earning more money

The investigation of the arrested accused in the loan app scam have revealed that several employees of the digital lending companies, which were floated by Chinese nationals, were also lured to float shell companies in the lure of earning more money. The Chinese kingpins of the loan app racket, through which thousands of Indians were harassed, were encouraging employees to create more companies to get a monthly income running into lakhs. Several employees fell prey to this “offer” and formed companies using their personal details.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!