The investigation of the arrested accused in the loan app scam have revealed that several employees of the digital lending companies, which were floated by Chinese nationals, were also lured to float shell companies in the lure of earning more money. The Chinese kingpins of the loan app racket, through which thousands of Indians were harassed, were encouraging employees to create more companies to get a monthly income running into lakhs. Several employees fell prey to this “offer” and formed companies using their personal details.

Mumbai Police’s Special Investigation Team (SIT) has busted a racket that was active in extorting money from Indian nationals and taking it to out of India. During investigations, cops also found that one of the masterminds, Liang Chi Sheng, was active in floating shell companies in the country in order to have many bank accounts to circulate and siphon off money. According to the probe, Sheng has floated over 200 shell companies. He was paid about Rs 3.5 lakhs to form each one of them.