Power Bank app involved in a 250 crore fraud has been turned off, one director arrested

Uttarakhand Special Task Force (STF) has disentangled one of the greatest digital misrepresentation cases including cheating of around Rs 250 crore. STF has additionally captured blame from Noida, Uttar Pradesh.

The monetary misrepresentation of a particularly gigantic sum has been executed in a range of only 4 months. The STF has uncovered that the misrepresentation has been done by an application specifically ‘Force Bank App’, which has been under China’s startup conspire. In India, more than 50 lakh individuals have downloaded the application, which tricked individuals into twofold their cash in only 15 days.

“In one of the greatest digital extortion cases disentangled by Uttarakhand STF identified with the POWER BANK application stacked on Google play store with a huge number of downloads. The usual methodology is utilizing Indian enlisted organizations as shell organizations for illegal tax avoidance to the tune of approx Rs 250 crore,” Uttarakhand Police tweeted.

The STF of Uttarakhand Police is presently researching the matter exhaustively to grab more individuals from the group who were engaged with cybercrime. The application named Power-Bank was made accessible on Google Play Store in February 2021.

As per the Police, fraudsters requested that individuals download the ‘Force Bank App’. Individuals were informed that their cash will be multiplied within 15 days. This was continuing for a very long time. The matter became known after a Haridwar inhabitant documented a police grievance expressing that he had kept Rs 93,000 the first run through and Rs 72,000 the second time in the ‘influence bank application’ to twofold the cash in 15 days. In any case, this didn’t occur and he recorded a grumbling of extortion at a police headquarters.

The police researched the matter and it became visible that the contributors’ cash was moved to various records. The police examined every one of the monetary exchanges on the application and affirmed that extortion happened to the tune of roughly Rs 250 crore.

Uttarakhand STF SSP Ajay Singh said that the online group of fraudsters likewise includes individuals sitting abroad who used to discuss offering credits to individuals through the application by baiting the Indian finance managers with a commission. Individuals began downloading the application and keeping cash on the application. To keep up individuals’ confidence and to keep them hanging, their stores were likewise expanded and discounted for quite a while at first.

STF has captured one blamed who has been recognized as Pawan Pandey. The STF has recuperated 592 SIM cards, 19 PCs, 5 cell phones, 4 ATM cards, and 1 identification from his ownership.

Dehradun ADG Abhinav Kumar said that the data regarding this online extortion case has been imparted to other analytical offices including IB and RAW.

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