17 arrested in Hyderabad for credit fraud, seen Chinese hand – The New Indian Express

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from Express message service

HYDERABAD: Hyderabad police arrested 11 people and Cyberabad police arrested six people Tuesday, including a U.S. returnees who crack down on the activities of illegal online loan apps that are fleeing innocent people. The police found that those arrested were working in Gurgaon and the city under the direction of their superiors in Indonesia. The organizers of the credit app charge exorbitant interest rates of up to 50 percent per year.

Hyderabad cyber crime teams simultaneously searched two locations in Gurgaon and three locations in the city where call centers were operating for the illegal credit apps. These call centers were operated on behalf of Liufang Technologies Pvt Ltd, Hotful Technologies Pvt Ltd, Pinprint Technologies and Nabloom Technologies Pvt Ltd, based in Bengaluru.

Eleven people who ran these centers and their officers were arrested, said Hyderabad Police Commissioner Anjani Kumar. He added that they found a Chinese passport in the raids in Gurgaon, suggesting that Chinese companies may be behind the illegal credit apps.

Similar to game fraud
Similar to the game app scam uncovered by Hyderabad’s cybercrime that sent huge amounts of money to mailbox companies and overseas companies, funds from these loan apps were also diverted to mailbox companies. So far, 10 bank accounts and 80 e-wallets of the accused companies have been identified.

Cyberabad Commissioner VC Sajjanar said
K Sharath Chandra ran two companies in Hyderabad with 110 employees and the companies have a loan disbursement agreement with nine NBFCs. Two apps, Cash Mama and Loan Zone, are linked to NBFCs, while another Dhana Dhan app is not linked to any NBFC. They have disbursed loans to around 1.5 lakh customers.

18 bank accounts blocked
“The transactions are processed through two types of bank accounts, one for paying out loan amounts and another for collecting loans. Eighteen bank accounts with deposits of $ 1.52 billion have been frozen for further investigation, “he said.

Apps employed 1,100 phone callers
Police found that loan app companies employed hundreds of teenagers as phone callers in their call centers. Up to 600 telephone callers were found in two call centers in Gurgaon and 500 in Hyderabad. The two offices raid by Cyberabad police in Raidurgam had 110 employees. Police found the callers were between 19-25 years old and were dropping out of college

Mysterious Chinese visitor
The Hyderabad Cyber ​​Criminal Police found that a Chinese national, a woman in her late 30s, visited the city three months ago and inspected the call centers. However, they could not find any details about the visitor, as the managers of the call center did not reveal much about her. The police also found the passport of a Chinese citizen during the raid in a call center in Gurgaon

Central investigation against credit apps wanted
After various cases of harassment by online credit apps became known, J. Sagar Rao and B. Srinivas Goud filed a complaint with the Ministry of the Interior in order to initiate an investigation by the central investigative authorities into the illegal apps and their recovery means. They also urged the ministry to block the illegal apps and provide the public with a toll-free number to file complaints. In their complaint, they stated that the financial burden of the Covid-19 pandemic had forced a large number of private employees, unemployed youth and students to take out loans via mobile apps.

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