CA allegedly ran Rs 750 crore fake loan app scam using shell firms, Chinese links
Dehradun, Jul 6, 2025
Investigations indicate Agarwal established a sophisticated web of approximately 35 to 40 shell companies to facilitate the fraud.
In a significant breakthrough against inter-state cybercrime, Abhishek Agarwal, a Chartered Accountant and the alleged mastermind behind a massive fake loan app scam, was arrested by the cyber wing of Uttarakhand Police on Saturday at Delhi’s Indira Gandhi International (IGI) Airport.
Police sources revealed Agarwal was arrested under a Look Out Circular (LOC) issued against him. His arrest has exposed a sprawling network that allegedly siphoned off over Rs 750 crore through illicit transactions.
Investigations indicate Agarwal established a sophisticated web of approximately 35 to 40 shell companies to facilitate the fraud. Of these, 13 were registered in his own name, while 28 were in his wife’s name.
Several entities also listed Chinese nationals as co-directors, highlighting an international dimension to the racket. Suspicious transactions exceeding Rs 750 crore have been identified in accounts linked to these companies, which are now under detailed scrutiny.
The syndicate allegedly operated by luring unsuspecting individuals with promises of quick and easy loans through more than 15 fraudulent mobile applications, including 'Insta Loan,' 'Maxi Loan,' 'KK Cash,' 'RupeeGo,' and 'Lendkar.'
Once victims installed these apps, the fraudsters gained unauthorised access to their mobile devices, stealing sensitive personal data such as gallery photos, contacts, and other private information.
Police claimed this stolen data was then used for blackmail and intimidation. Victims were "subjected to threats of photo morphing and public shaming if they failed to pay exorbitant interest rates, penalties, and fines, leading to immense mental harassment and financial extortion."
Authorities revealed the genesis of this expansive fraud network dates back to 2019–20, when Agarwal allegedly facilitated the entry of Chinese nationals into India to kickstart the operation. He himself travelled to Shanghai and Shenzhen in 2019, indicating deep international ties.
This arrest follows previous significant actions in the same case. These include the apprehension of Ankur Dhingra, another alleged mastermind operating fake loan apps via Hector Lendkaro Pvt. Ltd., from Gurugram. In 2023, another resident of Gurugram was arrested, and a joint STF/Cyber team raided a call centre in Aurangabad, Maharashtra, recovering a ‘Simbox’ and other crucial evidence.
Upon his arrest, authorities recovered a mobile phone, a passport, Thai and Indian currency, a power bank, digital devices, rings, and an Apple Watch from Agarwal. He was wanted in connection with numerous cases across multiple states.
Speaking to The New Indian Express, STF’s Senior Superintendent of Police Navneet Singh said, “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 stated, “Uttarakhand is committed to making the state crime-free and will strive to curb cybercrime incidents more rigorously in the coming times.”
[The New Indian Express]
