NEW DELHI: The Yuvajana Shramika Rythu Congress Party (YSRCP) member Vijay Sai Reddy raised the issue of instant loan app fraud operated by Chinese companies in India.

Reddy raised concern, "The instant loan app threatens to leak sensitive data and the government should take note of this as most of the applications are operated by Chinese firm. " He said the police arrested only the Indian agents and the companies were operating from China, and were also working sans permission of the Reserve Bank of india.

On November, the Intelligence Fusion & Strategic Operations (IFSO) Unit of Delhi Police's Special Cell detained two persons, including a Chinese national for extorting money from people through instant loan applications, an official said on Wednesday.

The accused have been identified as Chinese national Yu Zhang, the mastermind behind the extortion racket and Vineet Jhaver, a resident of Haryana.

The police mentioned that thus far more than Rs 150 crore have been siphoned off through accounts given by Vineet and Zhang.

In August this year, the IFSO unit had busted various modules of instant loan applications having a Chinese link, and booked 22 people for allegedly siphoning off Rs.500 crore to China by the hawala route or by investing in cryptocurrency.

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