NEW DELHI: The Uttarakhand Special Task Force (STF) apprehended Abhishek Agarwal, a chartered accountant based in Ashok Vihar, Delhi, on Saturday from Indira Gandhi International Airport. Authorities allege he masterminded a nationwide cybercrime operation in collaboration with Chinese nationals, defrauding victims of approximately ₹750 crore through a network of fake loan‑app schemes.
Shell Companies and Chinese Nexus
Investigators reveal that Agarwal established around 35–40 shell companies—13 under his name and 28 in his wife’s name, many listing Chinese nationals as co-directors. These entities allegedly facilitated the laundering of the defrauded funds, which flowed through Indian banks before being transferred abroad.
Police claim the scheme dates back to 2019–20, during which Agarwal travelled to Shanghai and Shenzhen to coordinate with his Chinese collaborators. The network deployed over 15 fraudulent loan apps—including Inst Loan, Maxi Loan, KK Cash, RupeeGo, and Lendkar—targeting users by offering fast, low-documentation loans. Once installed, these apps harvested personal data and used threats of exposure and harassment to extort large repayments.
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“Once users installed the apps,” said Uttarakhand STF SSP Navneet Bhullar, “the syndicate gained access to their devices, extracted personal photos, contacts, and private files, then blackmailed victims with threatening messages and morphed images.” Many transferred significant sums under duress to accounts controlled by the syndicate, which were subsequently routed through Chinese bank accounts.
Inter-State Probe and Wider Sting
A Look Out Circular had been issued against Agarwal in connection with the ongoing probe, which began in December 2022. The STF coordinated with Uttarakhand, Delhi, and Maharashtra cyber units to trace the racket’s operations. Earlier arrests include Ankur Dhingra of Gurugram and raids on a call centre in Aurangabad in 2023, where SIM boxes and digital evidence were seized.
Officials have seized Agarwal’s phone, passport, Indian and Thai currencies, digital storage devices, an Apple Watch, and jewellery. Police have also identified five Chinese nationals associated with the syndicate. Cooperation is underway with Interpol and foreign authorities to track international money flows and bring accomplices to justice.
Implications and Legal Ramifications
The arrest underscores the evolving sophistication of cyber-enabled financial fraud. By exploiting readily available mobile technology and shell entities, criminal syndicates can now orchestrate large-scale cross-border schemes. This case heralds a sharper focus on mobile-app oversight, fintech regulation, and digital forensics capabilities. The involvement of Indian professionals in enabling foreign cybercrime also raises significant regulatory and legal questions.
About the Author – Sahhil Taware is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.