In a major breakthrough against cybercrime, the Uttarakhand Special Task Force (STF) has arrested Abhishek Agarwal, a 36-year-old chartered accountant and the alleged mastermind behind a massive ₹750-crore cyber fraud operation, at the Indira Gandhi International Airport in Delhi.
According to officials, Agarwal was intercepted at the airport while attempting to leave the country. The arrest was carried out based on a Look Out Circular (LOC) issued in connection with an earlier fake loan app scam being investigated by the Uttarakhand Police.
The STF investigation has revealed that Agarwal allegedly established approximately 35 to 40 shell companies, 13 of which were registered in his name and 28 under his wife's name. Several of these entities had Chinese nationals as co-directors. These companies were reportedly used to channel and launder proceeds generated through fraudulent loan applications.
Authorities have linked the racket to over 15 fake loan apps, including names such as Insta Loan, Maxi Loan, KK Cash, RupeeGo, and Lendkar. These apps offered instant personal loans to users with minimal documentation. However, once users downloaded the apps and granted permissions, the syndicate gained access to sensitive personal data, including contacts, images, and private files.
Victims were then subjected to systematic harassment, including threatening calls, morphed photos, and public shaming, in order to extort repayments with exorbitant interest. The fraud is believed to have impacted thousands of individuals across various states.
The STF has also uncovered that Agarwal had travelled to Shanghai and Shenzhen in 2019, where he allegedly collaborated with Chinese associates to expand the fraudulent operations. Ankur Dhingra, another key member of the syndicate, was previously arrested in Gurugram. He is suspected to have played a role in recruiting foreign nationals and scaling the racket’s technical operations.
This case underscores the growing threat of digital frauds and the need for enhanced vigilance in mobile application security, especially in the financial technology sector.
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