Massive Chinese cyber operation laundering in India detailed

Hackread reports that more than $580 million has been laundered yearly by alleged Chinese threat groups through an India-based shadow banking empire that involves not only fraudulent mobile apps and payment portals but also a mule account network.

Attackers behind the massive illicit operation have leveraged WhatsApp and Telegram to lure students or unemployed youth across India into becoming money mules, according to findings from CloudSEK researchers. After obtaining one-time passwords and sensitive banking details from the targeted individuals in exchange for payment, threat actors then take over the accounts to be part of an illegal payment gateway system that facilitates bogus stock trading, illegal gambling, and Ponzi schemes, among others, with the secured proceeds then laundered and converted in cryptocurrency. "These illegal payment gateways are not just financial crimes; they're a direct attack on India's digital economy and citizen trust. Our research arms stakeholders with actionable intelligence to disrupt these networks and protect India's financial sovereignty," said CloudSEK Cyber Threat Analyst Mayank Sahariya.