Telangana police crack down on instant loan applications, 17 arrested

Hyderabad, December 23: In a crackdown on instant personal loan applications, Telangana police arrested 17 people in raids in Hyderabad and Gurugram.

While Hyderabad police arrested 11 people in raids in Hyderabad and Gurugram, the rest were arrested by Cyberabad police in raids in Hyderabad.

The action came after three people took their own lives as a result of harassment by employees of online loan applications last week. A technician and a government employee were among those who ended their lives.

City police commissioner Anjani Kumar said four companies hired around 1,100 executives to run the multi-million dollar illegal businesses through which thousands of people have been victimized across the country.

The companies identified as Liufang Technologies Private Ltd, Hotful Technologies Private Ltd, Pinpoint Technologies and Nabloom Technologies Private Ltd were registered in Bangalore.

The police chief said that the Cybercrime Police Station recently registered nearly 16 FIRs regarding the issuance of loans by suspected unauthorized lending apps and the harassment of victims by companies that operate the apps through their networks. call centers.

Police raided two sites in Gurugram and three sites in Hyderabad which operated organized call centers. These call centers were used to persuade, harass and intimidate defaulting debtors.

Eleven leaders and senior members of the call centers were arrested. They are Bindu Rani, Jyoti Malik, both from Haryana, Amit, from Gurugram, Ramandeep Singh, Manager, Prabhakar Dhangwal, both from New Delhi, Madhu Babu Singi, Manoj Kumar Singi, Mahesh Kumar Singi, Tharun, Pavan Kumar and Jeevan Jyothi, all from Hyderabad.

“These callers received instructions from their heads in Indonesia. The whole operation of these loan applications seems to be handled by Chinese nationals. This was also indicated during the investigation into the multi-crore color prediction game app scam where rupee crores were transferred to shell companies registered as NBFCs, ”the commissioner said. from police.

Raids on call centers led to the seizure of nearly 700 laptops, servers, computer systems, etc. Further investigation is underway to uncover the network of financial transactions, financing, technological base, etc.

Meanwhile, Cyberabad monitors six people logged into Cash Mama, Loan zone and Dhana Dhan loan applications. Cyberabad Police Commissioner VC Sajjanar said Onion Credit Private Ltd and Cred Fox Technologies Pvt Ltd are connected to these apps.

The accused are Konataham Sharath Chandra, CEO and director of Onion Credit and Cred Fox, Pushpalatha, director of Onion Credit and Cred Fox, B. Vasava Chaitanya, director of Cred Fox, B. Venkatesh and Sachin Deshmukh, both debt collectors and Syed Ashiq, team leader.

The arrests were made in connection with the complaint received by the Cyberabad cybercrime police station on December 7. The complainant alleged that loan application operators blackmailed and threatened him.

Both companies had two offices with 110 employees. They had made deals with nine NBFCs.

Both companies have 1.5 lakh of clients, of which around 70,000 are active.

They developed their own apps to maintain the customer database and placed them in the Google Play Store for easy download and available to customers.

According to the police, the defendants offered small loans with different applications and collected the repayments in the form of harassment and blackmail. Many innocent people were drawn to these apps and lost their money.

Police sent a notice to nine NBFCs that had ties to “Cash Mama” and “Loan Zone”.

A notice was also sent to Google to remove the apps due to their criminal activities.

Police seized 18 bank accounts and froze an amount of 1.52 crore rupees.

Disclaimer: This story is automatically generated from the IANS service.

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