New Delhi, July 6, 2025 – In a major breakthrough in India’s battle against cyber-enabled financial crime, the Uttarakhand Special Task Force (STF) arrested Chartered Accountant Abhishek Agarwal at Delhi’s Indira Gandhi International Airport. Agarwal is alleged to be the mastermind behind a sprawling ₹750 crore fake loan app racket, operated in collaboration with foreign nationals, including individuals linked to China. His arrest followed a Look Out Circular (LOC) issued in an interstate cybercrime investigation.
📱 Modus Operandi: How the Scam Worked
Agarwal and his associates operated a well-structured and deeply deceptive network of digital loan applications that followed this playbook:
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Creation of Fake Apps:
More than 15 mobile applications were developed and deployed on third-party app stores. These included names like Maxi Loan, Inst Loan, Lendkar, KK Cash, and RupeeGo. These apps falsely promised instant personal loans without collateral or verification. -
Targeting Vulnerable Users:
The apps were marketed on social media and messaging platforms, often targeting financially stressed users, especially in Tier 2 and Tier 3 cities. -
Data Harvesting:
Upon installation, the apps would request multiple permissions—access to contacts, media, messages, and camera—giving them complete visibility over a user’s private life. Users had to upload ID documents and selfies, assuming it was for loan verification. -
Loan Disbursement & Exploitation:
Small amounts were disbursed (usually ₹2,000–₹10,000), but within days, borrowers were aggressively pressured to repay inflated amounts (often 3–5x the original) under threats of legal action. -
Digital Extortion:
If payments weren’t made immediately, the scammers began harassment:-
Abusive calls,
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Mass messages to the borrower’s contacts,
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Circulation of morphed photos,
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Public shaming via social media or WhatsApp.
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Collection of Payments:
The funds were routed through dummy bank accounts registered under shell firms. These were then laundered into foreign bank accounts, especially in China and Thailand. -
Technical & Operational Support:
Chinese nationals are suspected to have provided app development, backend operations, and fund routing infrastructure, while Agarwal allegedly handled the legal, financial, and structural management via shell firms and money trails.
🏢 Shell Firms and Financial Web
Investigators uncovered that Agarwal floated over 35 shell companies, with 13 directly in his name and the rest in his wife’s. These entities were used to open bank accounts, buy digital services, and process transactions. Some companies had foreign directors, suggesting transnational financial links.
The network routed ₹750 crore through this corporate structure, using mule accounts, e-wallets, and international transfers to mask origins and avoid detection.
🌐 Foreign Trips & Expanding the Network
Sources confirmed that Agarwal had traveled to Shanghai and Shenzhen between 2019 and 2020, allegedly to expand ties with international partners and build the tech-finance infrastructure required to sustain the scam at scale.
🔍 Earlier Arrested people & Trail of Evidence
A key part of the case builds on previous STF investigations, including:
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Ankur Dhingra’s arrest in Gurugram, linked to Hector Lendkaro Pvt. Ltd.
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A 2023 bust of fake loan call centers in Aurangabad.
These earlier events helped STF trace digital and financial links back to Agarwal’s companies.
📦 Items Seized at Arrest
At the time of his arrest at IGI Airport, the STF recovered:
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₹25,000 in Indian currency
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Foreign currency (Thai Baht)
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Apple Watch, mobile phones
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Documents and passport
All seized items are undergoing forensic analysis.
📌 Official Status
As of now, no press release has been issued by PIB or cybercrime.gov.in. The case is being handled by the Uttarakhand STF in coordination with central cybercrime agencies, and further details are expected following digital forensics.
🔚 Conclusion
The arrest of CA Abhishek Agarwal represents a significant step in India’s effort to dismantle complex digital fraud networks. This scam, with its international overtones and large-scale impact, highlights the urgent need for fintech regulations, user education, and international cybercrime cooperation.
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