Rs.750 Crore Fake Loan App Scam: Mastermind CA arrested at Delhi Airport

A 36-year-old chartered accountant, Abhishek Agarwal, was arrested on Saturday by the Uttarakhand Special Task Force (STF) at Delhi’s Indira Gandhi International Airport. He is believed to be the main mastermind behind a massive inter-state cyber fraud involving fake loan apps and financial scams worth over ₹750 crore.

Look Out Circular Issued Earlier

Police said that a Look Out Circular (LOC) had already been issued against Agarwal in connection with multiple fraud cases related to fake loan apps. His name had come up during investigations of financial crimes involving Chinese nationals and suspicious money transfers.

Over 35 Shell Companies Created

According to STF Senior Superintendent of Police Navneet Bhullar, Agarwal had created around 35 to 40 shell companies to carry out the fraud. Out of these, 13 companies were registered under his name, while 28 were under his wife’s name. Shockingly, many of these firms listed Chinese nationals as co-directors.

These companies were allegedly used to route and launder over ₹750 crore, making the scam one of the largest of its kind in recent times.

15+ Fake Loan Apps Used to Lure Victims

Agarwal and his team launched more than 15 fake loan apps, including names like:

• Inst Loan
• Maxi Loan
• KK Cash
• RupeeGo
• Lendkar

These apps offered instant loans with minimal documentation, attracting unsuspecting users. Once the users installed the apps, the fraudsters gained access to their phones and secretly collected sensitive personal data such as photos, contact lists, and private files.

Blackmail and Harassment Tactics

Police said that once the data was stolen, the gang began threatening and blackmailing the victims. They sent abusive messages, made repeated calls, and in some cases, edited private photos to shame and frighten people into paying money.

Many people, afraid of public embarrassment, ended up transferring large sums into the gang’s bank accounts. The money was later diverted to bank accounts in China and other countries.

Link to Chinese Nationals and Earlier Accused

The STF revealed that Ankur Dhingra, who was earlier arrested from Gurugram, was the one who first started this fraud operation around 2019–2020. Dhingra reportedly introduced Chinese individuals into the group and helped set up the early base of the scam.

Abhishek Agarwal further expanded the network after travelling to Shanghai and Shenzhen in 2019. He played a central role in creating the fake companies and running the financial transactions linked to the loan apps.

Items Seized During Arrest

During the arrest, police recovered the following items from Agarwal:

• A mobile phone
• His passport
• Indian and Thai currency
• An Apple Watch

All seized items are now part of the ongoing investigation.

Investigation Continues

The STF is continuing its investigation into the scam. Authorities are also looking into international money transfers and the involvement of foreign nationals. The case is being seen as a major breakthrough in cracking down on organized cyber financial crime in India.