The Hyderabad police are in the news for cracking a mega Chinese investment fraud. The scam, which is of a hawala nature, is said to be a high-profile one to the tune of Rs 903 Cr.

Two foreign nationals, one belonging to Taiwan and another belonging to China, have been arrested in Hyderabad. In all, 10 individuals have been arrested. CV Anand, the Police Commissioner, Hyderabad, has said that the Enforcement Directorate would be briefed about the scam. The ED and other Central agencies are expected to swing into action.

The massive scandal was pulled off by the perpetrators through some loan apps that promised unrealistically high returns. Many Indians lost thousands to lakhs of rupees by falling prey to them. The fraudulent apps were put on Google PlayStore and suchlike. Many investors, out of greed, got lured into the scam and got cheated after getting fooled by initial high returns.

Fraudulent loan apps with Chinese connections have been under the scanner since the onset of the pandemic in 2020.