Chinese nationals behind ₹28,000cr loan app, cryptocurrency scams: ED

Business Oct 29, 2025

The Enforcement Directorate (ED) has uncovered that Chinese nationals are behind massive loan app and cryptocurrency scams in India, draining about ₹28,000 crore from people across 20+ states.
These groups used apps like LoanPro and FastCredit, charging high fees—30-40% of the loan—and giving borrowers just 7-15 days to repay.

Victims harassed or blackmailed; several suicides

People who couldn't pay back were harassed or blackmailed using their personal info, leading to several tragic suicides.
The scam money was laundered through Indian NBFCs and fintechs before being sent abroad or converted into crypto.
The ED is still investigating money trails and recently froze ₹500 crore linked to a major crypto scam involving at least 10 Chinese nationals.